The primary sticking point for the White House and Republicans is that there is no clear-cut language in the bill requiring the automakers to restructure their enormous debt before they take on new debt to taxpayers. "Once bond holders see that the government is in this, they will have no incentive to write down the value of the debt they hold," said Senator Bob Corker (R-Tenn.), a member of the Senate Banking Committee who has been influential during the negotiations despite his freshman status. "These companies cannot be restructured for success without a complete restructuring of their debt and labor and retiree obligations, and the debt is the biggest issue," said Corker, who added, "I wanted to see more teeth in the bill."
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