Oracle of Delphi

WASHINGTON - The Senate voted Tuesday to give a tax break to new car buyers, setting aside bipartisan concerns over the size of an economic stimulus bill with a price tag edging above $900 billion. The 71-26 vote came as President Barack Obama said he lies awake nights worrying about the economy and signaled he'll try to knock out "buy American" provisions in the legislation to avoid a possible trade war. Sen. Barbara Mikulski led the successful effort to allow many car buyers to claim an income tax deduction for sales taxes paid on new autos and interest payments on car loans. She said the plan would aid the beleaguered automobile industry as well as create jobs at a time the economy is losing them at a rapid rate. "I believe we can help by getting the consumer into the showroom," she said. Bill making its way through Congress The provision was attached to the economic stimulus bill at the heart of Obama's economic recovery plan and is subject to change or even elimination as the measure makes its way toward final passage. Democratic leaders have pledged to have the bill ready for his signature by mid-month, and in a round of network television interviews, the president underscored the urgency. He told CNN that even three months ago, most economists would not have predicted the economy was "in as bad of a situation as we are in right now." He also spoke out against efforts to require the use of domestic steel in construction projects envisioned in the bill, telling Fox News, "we can't send a protectionist message." The stimulus bill remains a work in progress, following last week's party-line vote in the House and an Oval Office meeting on Monday in which Obama and Democratic leaders discussed ways to reach across party lines. In a series of skirmishes during the day, the Senate turned back a proposal to add $25 billion for public works projects and voted to remove a tax break for movie producers. Both moves were engineered by Republicans who are critical of the bill's size and voice skepticism of its ability to create jobs. But several hours later, without explanation, GOP conservatives abruptly dropped their opposition to a $6.5 billion increase in research funding for the politically popular National Institutes of Health. Even so, Democratic leaders conceded they may soon be obliged to cut billions of dollars from the measure. "It goes without saying if it's going to pass in the Senate, it has to be bipartisan," said Sen. Dick Durbin of Illinois, the second-ranking Democratic leader, adding that rank-and-file lawmakers in both parties want the bill's cost reduced. One Democrat, Sen. Ben Nelson of Nebraska, said he hoped for reductions "in the tens of billions of dollars." More companies announcing layoffs The developments unfolded as more companies announced job layoffs — including 5,800 at PNC Financial Services Group. In another sign of economic weakness, the Federal Deposit Insurance Corporation predicted the cost of bank failures will exceed its estimate from last fall and urged lawmakers to more than triple the agency's line of credit with the Treasury Department to $100 billion from the current $30 billion. Mikulski's office put the cost of the tax break she sponsored at $11 billion over 10 years. It would apply to the first $49,500 in the price of a new car purchased between last Nov. 12 and Dec. 31, 2009. Individuals with incomes of up to $125,000 and couples earnings as much as $250,000 could qualify, including those who do not itemize their deductions. A couple would save an estimated $1,553 on a new $25,000 car, aides said. Sen. Charles Grassley, R-Iowa, sought unsuccessfully to derail the proposal, saying it would only increase consumer debt in a time of recession and adding that there were other provisions in the legislation to help the auto industry. But the 71 votes in support were far more than the 60 needed for passage. Earlier, the vote to add $25 billion for new construction on highways, mass transit and water treatment facilities failed 58-38, two short of the 60-vote majority needed for passage. GOP to seek vote later this week Sens. Dianne Feinstein, D-Calif., and Patty Murray, D-Wash., argued the increase would quickly translate into jobs. "Our highways are jammed. People go to work in gridlock," Feinstein said in arguing for the proposal. But Sen. Jim Inhofe, R-Okla., countered, "We can't add to the size of this bill. ... The amount is just inconceivable to most people." Sen. Tom Coburn led the successful effort to remove a provision allowing movie makers to write off their expenses more quickly. The vote was 52-45, despite protests from Sen. Max Baucus, D-Mont. He said Hollywood was the only industry denied the break in a tax bill two years ago. Republicans are expected to seek a vote later in the week on a plan to inject the government into the mortgage industry in an attempt to drive down the cost of mortgages to as low as 4 percent. Democrats treaded carefully on the proposal, saying they would consider it but also claiming the $300 billion Republicans allocated would not come close to accommodating the demand. Link: http://www.msnbc.msn.com/id/28963701/

Frankenstein

Not to worry. I will never post a pic of my daughter... :AH-HA_wink:

Prettier than me? Didn't know I was, but I do clean up nice, at least that's what my wife says. I was in Egypt at an Opel facility south of Cairo. I made a side stop at Chevrolet Jordan, on my way to OZ. So what you see is the Jordanian countryside. Here is the Jordanian Chevy website. http://www.chevroletarabia.com/content_dat...html?cntryCd=JO

You and George Bush in the same state, and the same city. God help my poor family in Plano, Texas.

Who's we? I'm only half Italian ...

:rotflmao:

Oh my!

Hmmm, I see a lot of Italian hand gestures coming Chrysler's way soon. Should be fun to watch ... A dopo ...

Neither can NOS! :rotflmao:

Many in GM are wishing they had those fleet sales now. Even if they only made a small profit, it was still a profit. Oh you should hear the lamenting and the gnashing of teeth.

Who said anything about the USA? GM has already refused the Canadian loan money, by the way how many CAW members speak Spanish in Canada? Adios amigos ...

Laying under

Chef Boyardee

GM needs to move it's headquarters to someplace warm, Madrid, Lisbon, Rome, Key West even ...

He's in a GME prison camp in east Bavaria, making assemblies for FWD EP IIs ...

In the State of Texas where I grew up, you see another flag flying under the Texas State flag a lot, it speaks for itself.

I've been low carbing for years, how about a few good low carb recipes then?

My 16 year old daughter would love that. She is 25% Italian, but looks and acts 100%. She would even like the Italia on the windshield. God help her husband, whomever that happens to be.

My point was it's not closing in a few months, if it even closes. I would be more concerned about another brand if I were you. You also seem to think I favor Saturn, perhaps you should ask Camino about my feelings for Saturn, he knows what they are.

You do know Saturn has been funded until at least 2012?

Moi.

They need to change the citizenship law to say one parent needs to be a U.S. citizen before their children can be considered a U. S. citizen. You shouldn't be able to swim across a river or climb a fence and drop your baby on American soil and have it be a legal citizen. IMHO.

Here's a thought, how about cutting off social services to illegals and not allowing their children into the school system. Think how much money that would save California.

PCS to the DEA, come in DEA ... The sugar may be better in Mexico, but then they are using the Mexican water ... I'm sorry to hear about your daughter's autism reg. I don't like to see kids get or have any ailments.