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Friday, November 14, 2008
Bush Backs Plan to Release $25B Loan to Automakers
Associated Press
The White House on Friday threw its support behind a plan to speed release of $25 billion in existing loans to the Big Three automakers but rejected a Democratic proposal to use money from a financial bailout to help the troubled industry.
The $700 billion financial rescue package was never intended to help automakers and shouldn't be now, White House spokeswoman Dana Perino told The Associated Press. But since Democratic leaders in Congress are pressing forward with a proposal to carve out a piece of its for the auto industry, she said the White House has decided to pursue a different approach: accelerating the availability of federal loans Congress first approved in September.
Those loans were approved to help automakers build more fuel-efficient vehicles and become more competitive companies in the global marketplace. The administration now supports allowing the loans to be released more quickly than the original legislation prescribed and to be used for more urgent purposes as the companies struggle to stay afloat.
"Democrats are choosing a path that would only lead to partisan gridlock," she said. "We are now actively calling on Congress to amend the loan program."
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Sure, we know some of you are saying the term "marriage penalty" is redundant. In fact, of all the costs associated with getting married (have you seen the cost of a wedding cake lately?), the marriage penalty can be the worst.
Here's how it works: Mr. and Mrs. Right walk down the aisle in wedded bliss and suddenly they¿re a two-income household. If both make roughly the same amount of money, they can be pushed into a higher tax bracket. That's bad, since the higher the bracket, the higher the tax. So, if both were single, they'd end up writing two smaller checks to the tax man that, if combined, would add up to less than the giant check they write in a state of wedded bliss.
Is that fair? We're not touching that, but there is a flip side that few people talk about. The marriage penalty only kicks in if both members of the couple make close to the same amount of money. If there's a big disparity in pay, there's actually a tax advantage. Call it the marriage bonus.
And, it¿s important to remember that there are other financial benefits, such as lower life-insurance rates or health care premiums, that can make up for the extra tax couples pay. So don't let Uncle Sam stop you from saying, "I do."
