U.S. auto industry bailout deal at hand
A tentative agreement to brake the skidding U.S. auto industry was reached Tuesday between the Bush administration and congressional Democrats, a source said.
Wednesday, 10.12.2008.
11:24
A tentative agreement to brake the skidding U.S. auto industry was reached Tuesday between the Bush administration and congressional Democrats, a source said. The Washington Post reported an unnamed senior administration told it an "agreement in concept" had been reached that calls for the appointment of a "car czar" by President George Bush to oversee implementation of a USD 15bn emergency loan program for General Motors Corp. Ford and Chrysler. U.S. auto industry bailout deal at hand The money could begin flowing as soon as next week, the Post reported. The loans would come with restrictions - the companies would have only until March 31 to convince the "car czar" their plans to return to profitability were viable. Short of that, the new industry monitor would be mandated to submit to Congress a new road map to restore the Big Three to financial health, the official told the Post. Chapter 11 bankruptcy would be an option under that scenario. The tentative agreement would establish "three very serious sticks to ensure that this is truly what it was intended to be: bridge financing for firms that have a plan and a path to become competitive," not "the first in a number of interminable loans that these guys can get to avoid making the hard choices," the official told the newspaper. Final wording of the deal was still being drafted Tuesday night with final review by both sides pending. House leaders indicated an initial vote could come as early as Wednesday, though it was uncertain whether congressional Republicans will try to carjack the legislation.
U.S. auto industry bailout deal at hand
The money could begin flowing as soon as next week, the Post reported.The loans would come with restrictions - the companies would have only until March 31 to convince the "car czar" their plans to return to profitability were viable.
Short of that, the new industry monitor would be mandated to submit to Congress a new road map to restore the Big Three to financial health, the official told the Post. Chapter 11 bankruptcy would be an option under that scenario.
The tentative agreement would establish "three very serious sticks to ensure that this is truly what it was intended to be: bridge financing for firms that have a plan and a path to become competitive," not "the first in a number of interminable loans that these guys can get to avoid making the hard choices," the official told the newspaper.
Final wording of the deal was still being drafted Tuesday night with final review by both sides pending.
House leaders indicated an initial vote could come as early as Wednesday, though it was uncertain whether congressional Republicans will try to carjack the legislation.
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