Congress is debating a $25 billion loan proposal to give automakers part of the $700 billion originally allotted for the mortgage and banking sectors.

“We are seeing a potential meltdown in the auto industry, with consequences that could directly impact millions of American workers and cause further devastation to our economy,” Senate Majority Leader Harry Reid said on the Senate floor.

But The White House says making the financial-rescue package available to automakers isn’t politically possible. “There aren’t the votes in the Senate” to pass the Democratic plan, White House spokeswoman Dana Perino said yesterday.

General Motors Corp., Ford Motor Co. and Chrysler LLC are seeking aid as industry-wide sales have plummeted to a 17-year low. GM this month said it lost $4.2 billion in the third quarter and almost $73 billion since the end of 2004. The largest U.S. automaker said it may not have enough cash to get through the year. Ford lost $2.98 billion in the third quarter as sales fell 22 percent.

An estimated 2.5 million jobs could be loss if the auto industry collapses, including 1.4 million people in industries not directly tied to manufacturing, according to a Nov. 4 study by the Center for Automotive Research in Ann Arbor, Michigan. A collapse of General Motors would cost the government $200 billion in aid to states and extended unemployment benefits, said Nariman Behravesh, chief economist at IHS Global Insight in Lexington, Massachusetts.

So what should we do?

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CNN’s exit polls show Barack Obama won among Missouri women (53%-46%) and narrowly among men (50-49). Continue Reading

The Kansas City Star’s Prime Buzz Blog is reporting that Missouri is leaning towards Republican John McCain for president against either Democratic rival in the latest Rassmussen Report.

McCain edges out Hillary Clinton 50-41 percent and beats Barack Obama out-right, leading with a whopping 15 point lead at 53-38 percent.

Divine from this what you may, but the KC folks think Missouri’s “bellwether” state status is in jeopardy.

Only 1% of the vote is reporting right now, but according to CNN’s Missouri Exit Poll, Barack Obama won among men (45% of total Democrats voting today), while Hillary Clinton won among women (55% of Democrats voting today).

Obama was favored by voters 18-39. Clinton was favored by voters 40 and over (Clinton lead by just 2 points in the 40-49 category).

54% of whites between 18-29 chose Obama, while more over-30 whites went with Clinton. 63% of white Missouri Democrats over 60 years-old chose Clinton.

Church-goers chose Obama.

In a new CNN national poll, among registered Democrats, Barack Obama now leads Hillary Clinton 49% to 46%. Obama’s lead is within the margin of error.

The poll was taken between Feb 1st and 3rd.

In the same poll, John McCain was leading all Republicans with 44% of support, compared to Mitt Romney’s 29% and Mike Huckabee’s 18%.