By Fred Lucas,CNS News
Obama does what he wants,unconcerned with Congressional approval
Vice President Joe Biden’s top economic adviser told CNSNews.com yesterday that securing specific congressional authorization for President Obama’s move to provide $30 billion more to General Motors and have the government take 60 percent ownership in the company was “not a concern”for the administration.
President Obama formally announced on Monday the steps being taken by GM to go into an orderly bankruptcy–and,with the help of the federal government,to restructure. The move was an expansion of the auto bailout that began under the Bush administration in December.
CNSNews.com asked Jared Bernstein,chief economist and economic adviser to Vice President Joe Biden,if the administration can proceed with its plans for GM without specific congressional approval.
“Everything we have done has been consistent with bankruptcy law and with any relevant legislation,” Bernstein told CNSNews.com.