Voinovich Derailed by CBO on Auto Bailout

From the Detroit News:

WASHINGTON -- The Congressional Budget Office said a compromise bill to aid automakers can't provide $25 billion from an Energy Department retooling program, dealing another blow to efforts to win quick aid before Congress goes home for the year.
...
"CBO estimates that $7.5 billion in subsidy budget authority would cover the cost of only $7.5 billion in such bridge loans because the legislation contains an additional provision that would allow the repayments from the bridge loans to be spent to support new loans under" the retooling program, the office wrote in a letter made public late Thursday. "Thus, the repayments on the initial loans would ultimately not accrue to the government. ... That provision increases the estimated subsidy costs of the bridge loans to 100 percent of the aggregate face value of the loans."

So now what? Will our senior senator back carving out $25 billion from the Big Bailout? Stay tuned sports fans, because this race to socialism is starting to heat up!