Harry Reid says Congress Will Vote on $15B Auto Bailout, Despite Republican Opposition

Congress and the White House are working toward a $15 billion short-term agreement to bailout the auto industry. Senate Majority Leader Harry Reid says Congress could act on an auto bailout as early as the end of the day.

Congressional Democrats and the White House on Tuesday are expected to finalize a $15 billion emergency loan package to help save millions of jobs connected to the nation’s troubled auto industry.

Talks to prevent the collapse of General Motors Corp. and Chrysler LLC have intensified in recent days, with the broad outline of a plan emerging Monday. GM, Chrysler and Ford Motor Co. directly employ about 350,000 people, and millions of other workers depend on the industry.

Under the deal taking shape, GM and Chrysler would get emergency loans on Dec. 15. Then an overseer — a kind of “car czar” — would write guidelines, due on the first of the year, for restructuring the Big Three automakers. If the car companies haven’t taken enough steps to reinvent themselves by Feb. 15, the overseer could recall the money.

Source: npr.org via politisite