Definitive

What’s in the Auto Bailout Bill?

The Democrats have promised to attach several strings to their auto bailout proposal, but what exactly are they? The Washington Post reports today that the House Democrats' bill, which will be unveiled today, bans bonuses for auto employees making over $200,000 a year, and will appoint a government oversight board with the power to veto corporate decisions. It will also ban automakers from paying dividends to shareholders as long as they owe the government money. The House is pushing the bill against White House opposition, and the Senate version, which is packaged with a $6 billion extension of unemployment benefits, is unlikely to reach the requisite 60 votes to overcome a threatened Republican filibuster.