Thursday, November 20, 2008

Report: Senate Reaches Deal on Automaker Bailout

by Bill McBride on 11/20/2008 12:41:00 PM

From the Detroit Free Press: Compromise reached on $25-billion auto bailout

Key senators reached a compromise today on a $25-billion bailout of Detroit's automakers, but questions remained as to whether there were enough votes or time to pass the bill today.
A draft of the compromise being worked on by Michigan Sen. Carl Levin and Sen. Christopher Bond, R-Mo., would have used the $25 billion set aside by Congress in September for retooling auto plants over the next several years and lend it to automakers immediately.
It is not clear there are enough votes to pass this compromise bill - and if President Bush will sign it.