Lawmakers Move Toward Autos Bailout Deal
Members of Congress, including Sen. Carl Levin (D-Mich.), Sen. George Voinovich (R-Ohio), Sen. Debbie Stabenow (D-Mich.) and Sen. Chris Bond (R-Mo.) have struck an agreement on language for an automaker bailout bill but it must now be approved by leadership, reports The Post's Lori Montgomery.
We are awaiting a 2:30 p.m. announcement today that will spell out the deal.
The deal appears to be a version reported on today, in which $25 billion in loans already approved for Detroit -- meant to be used to help automakers retool factories to make more fuel-efficient vehicles -- would be modified by having its strings removed.
Under the deal being considered, automakers could use the $25 billion to simply stay in business but must repay the money back once the crisis passes so it can be re-lent to fund its original, retooling purposes.
Montgomery reports that Sens. Richard Durbin (D-Ill.) and Senate Leader Harry Reid (D-Nev.) just entered the offices of House Speaker Nancy Pelosi (D-Calif.) to seek her blessing on the deal.
-- Frank Ahrens
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November 20, 2008; 12:49 PM ET
Categories: The Ticker | Tags: Detroit bailout
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