Late Friday evening, the Democratic leadership of Congress said they have worked out an agreement on a bailout plan for the Detroit automakers. According to Speaker of the House Nancy Pelosi, the measure is intended to provide short-term loans to General Motors, Ford and Chrysler allowing them to fund operations until President-elect Barack Obama takes [...]
The Bush Administration has said it would consider immediate aid for the Detroit automakers if Congress approves it, but does not want to tap the $700 billion included in the Emergency Economic Stabilization Act. According to White House spokeswoman Dana Perino, that program was designed to help financial institutions and there was no specific discussion [...]
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