Paulson voices opposition to Big 3 bailout bill

Treasury Secretary Henry Paulson told Congress on Tuesday that the administration remains firmly opposed to dipping into the government’s $700 billion financial bailout fund for a $25 billion rescue package for Detroit’s Big Three automakers, no matter how badly they need the help. “There are other ways” to help battered automakers, Paulson told the House Financial [...] "eliotcobb.com"

President-elect Barack Obama and vanquished rival John McCain met for the first time since the November 4 election on Monday, pledging to work together to face the financial crisis and other national challenges. “We’re going to have a good conversation about how we can do some work together to fix up the country,” Obama said, adding [...] "eliotcobb.com"

The chiefs of the “Big Three” US automakers travel to Congress Tuesday to plead with lawmakers to save their talismanic American industry, despite fading hopes for a quick congressional bailout. The chairmen and CEOs of General Motors, Ford and Chrysler will testify to the Senate Banking, Housing and Urban Affairs Committee as Democrats mount a long-odds [...] "eliotcobb.com"