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Category: auto industry rescue | Main
Leaders Near Short-Term Auto Industry Rescue Deal
December 05, 2008 10:10 PM
ABC News' Jonathan Karl reports: Congressional leaders and the White House are near a deal to provide the automakers with $15 billion to $17 billlion in short-term loans, congressional sources tell ABC News.
The money would come from funds Congress had already provided for fuel efficient technology.
The details are still being worked out, but congressional leaders believe the White House will support the plan and expect it will have the votes to pass, the sources say.
Votes in the House and Senate are expected next week.
White House spokesman Tony Fratto said, "We continue to talk with Congress, and hope to make progress this weekend, but there's nothing to announce tonight."
The breakthrough came this afternoon when House Speaker Nancy Pelosi, D-Calif., dropped her oppostion to using the money from the fuel-efficient technology fund.
The loans are designed to keep the automakers afloat until March.
December 5, 2008 in auto industry rescue | Permalink | User Comments (42)
