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Auto Bailout Deal Could Be Reached Today or Tomorrow

12/08/2008
The U.S. Congress and the White House are "very likely" to reach an agreement today or tomorrow on a package to help the failing Big Three automakers. The Associated Press reports that the dollar amount is expected to be somewhere between $14 billion and $17 billion, and would give the automakers access to emergency loans on December 15th, with future allocations determined by presidentally appointed a "car czar." That appointee, who would be chosen by President George W. Bush - or potentially a board, according to the White House - would initially set the terms for a restructuring, but could then be replaced when President-elect Barack Obama takes office on January 20th. Senator Christopher Dodd (D-Conn.), chair of the Senate Banking Committee, said yesterday on CBS' "Face the Nation" that a restructuring should include the removal of General Motors CEO Rick Wagoner; White House Press Secretary Dana Perino would not comment on calls for leadership changes in the industry.

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