|From the NYT this morning, a leak the president did not approve of:
The struggling auto industry was thrust into the middle of a political standoff between the White House and Democrats on Monday as President-elect Barack Obama urged President Bush in a meeting at the White House to support immediate emergency aid.The question remains whether Detroit, which made its own bed, let's not forget, but which employs nearly 3 million Americans, can wait that long. General Motors stock price is wading into Radio One territory (well, it's not quite that bad, but shares did fall below $3...) and there's a good chance the shares might actually become worthless. And the ripple effect from auto industry layoffs is kicking retailers in the gut.
Mr. Bush indicated at the meeting that he might support some aid and a broader economic stimulus package if Mr. Obama and Congressional Democrats dropped their opposition to a free-trade agreement with Colombia, a measure for which Mr. Bush has long fought, people familiar with the discussion said.The Bush administration, which has presided over a major intervention in the financial industry, has balked at allowing the automakers to tap into the $700 billion bailout fund, despite warnings last week that General Motors might not survive the year.
... Mr. Obama went into his post-election meeting with Mr. Bush on Monday primed to urge him to support emergency aid to the auto industry, advisers to Mr. Obama said. But Democrats also indicate that neither Mr. Obama nor Congressional leaders are inclined to concede the Colombia pact to Mr. Bush, and may decide to wait until Mr. Obama assumes power on Jan. 20.Separate from his differences with Mr. Bush, Mr. Obama has signaled to the automakers and the unions that his support for short-term aid now, and long-term assistance once he takes office, is contingent on their willingness to agree to transform their industry to make cleaner, more energy-efficient vehicles.
Meanwhile, back to that presidential pique: Drudge reports that Dubya ain't happy with the leaks about his meeting with the Big O (no word yet on how Laura did with his "good bride...")
Bush advisers view the leaks as an effort to undermine the president's remaining days in office.Developing indeed. But it's not as if the White House didn't release its own information about the meeting, even if it was entirely benign and fluffy. And Bush's continued hawking of the Colombia free trade deal seems entirely out of step, while the nation's homeowners, employers and employees are facing an immediate crisis, which importing more coffee and bananas at low, low prices can't possibly solve. Kind of lets you know how we got here.
"Senator Obama may not be familiar with a long-standing tradition of presidents holding their private conversations, private," a senior adviser explained to the DRUDGE REPORT.
UPDATE: The princess of presidential cute denies a Colombia quid pro quo. Riiiight...
Labels: auto industry, Bush administration, Detroit, financial crisis, free trade, President Barack Obama, President Bush, the Bush recession