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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