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November 11, 2008

Bush Links Auto Industry Bailout to Colombia Trade Bill
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Bush said he would back demands for an auto industry bailout if
Democrats support the stalled “free trade” deal with Colombia.
Congressional Democrats have held up the deal over human rights
concerns. Obama cited the repeated killings of Colombian union leaders
during his final debate with John Mc Cain last month. Democrats want to
use some of the $700 billion in bailout money for major car companies
like General Motors. GM’s stock price has fallen to its lowest level in
sixty years. The Democratic plan would give car companies up to $50
billion in taxpayer money. Neither Obama nor President Bush took
questions after the meeting. Speaking at the G20 summit in Brazil, US
Treasury Under Secretary David Mc Cormick said the Bush administration
is cooperating with the transition to an Obama White House.

US Treasury Under Secretary David Mc Cormick: “The administration has
been in touch with the Obama—President-elect Obama’s team, as well, and
there’s an openness to making sure that he’s very much up to speed on
what will be discussed, and may or may not participate depending on the
interest of the President-elect.”



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