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December 12, 2008
The Costs of GOP Intransigence
Last night, Democrats did everything possible to reach a compromise with Republicans to aid the auto industry. But Republicans stuck to unrealistic and unreasonable demands. Their intransigence has put millions of jobs and billions of dollars in personal income at risk, while sticking taxpayers with a far bigger bill than the loans sought by the automakers. Senate Republicans will have to explain this intransigence to their constituents.
GOP intransigence put American families and the U.S. economy in jeopardy:
As a Result of GOP Intransigence, 2.5 Million American Workers Will Lose Their Jobs in the First Year and 5 Million Jobs Over 3 Years. According to a study by the Center for Automotive Research, a 50 percent contraction of the big three automakers would result in 2.5 million jobs lost across the nation in the first year, and 5 million jobs over three years. [Center for Automotive Research, 11/4/08]
GOP Intransigence Will Cost the American Economy $257 Billion in Personal Income. According to a study by the Center for Automotive Research, a 50 percent contraction of the big three automakers would result in a loss of $275 billion in personal income over three years. [Center for Automotive Research, 11/4/08]
GOP Intransigence Will Reduce State and Federal Tax Revenue by $108 Billion over 3 Years. According to a study by the Center for Automotive Research, a 50 percent contraction of the big three automakers would reduce state and federal tax revenue by $108 billion over three years. [Center for Automotive Research, 11/4/08]
The Pension Benefit Guaranty Corporation Would Be Saddled With Over $100 Billion in Pension Obligations Due to GOP Intransigence. According to an analysis by JP Morgan, the Pension Benefit Guaranty Corporation could inherit over $100 billion of pension obligations if the Big Three file for bankruptcy. The PBGC’s current deficit is $11 billion. [JP Morgan, “Cost of the Alternative,” 11/19/08]
The Senate will convene at 2:00 p.m. and proceed to a period of morning business until 3:00 p.m. with Senators permitted to speak for up to ten minutes each. Following morning business, the Senate will resume consideration of H.R.3590, with Senator Reid, or designee, permitted to offer the first amendment to the Reid substitute; further, that Senator McConnell, or designee, be permitted to offer the next amendment to the substitute with no other amendments in order during Monday's session. There will be no roll call votes during Monday's session.
