$15B Detroit Bailout Approved

There will certainly be more on this shortly:

After weeks of tense discussions with the heads of the U.S. auto industry, Democratic Congressional leaders have reached an agreement that may just clear the way for the Big Three to get the money they need to survive … for now.

CBS News correspondent Kimberly Dozier reports that significant progress came Friday night, when Democrats from both the House and Senate agreed to bail out the struggling General Motors, Chrysler and Ford with federal funds.

Several officials say the White House and congressional Democrats have agreed on $15 billion in loans, which is less than half of what the car chiefs were seeking.

They say the breakthrough came after House Speaker Nancy Pelosi bowed to a demand by President Bush that any aid come from a fund that had been intended to help Detroit produce more fuel-efficient cars.

Pelosi said the House would consider legislation next week to provide “short-term and limited assistance” to the U.S. auto industry.

Interesting to say the least.

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Sources:
Dems, White House Agree To Auto Bailout
CBS Dec. 6, 2008
http://www.cbsnews.com/stories/2008/12/06/business/main4651796.shtml

Lawmakers and White House agree on auto aid plan
Reuters Saturday, December 6, 2008; 8:19 AM
http://www.washingtonpost.com/wp-dyn/content/article/2008/12/06/AR2008120600535.html

Democrats, White House Said to Reach Accord on Automaker Aid
John Hughes and Laura Litvan
Bloomberg, Dec. 6 2008
http://www.bloomberg.com/apps/news?pid=20601087&sid=ajNUC0L.wwwE&

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