Wednesday, December 10, 2008

Big 3 Auto Deal Heading to a Vote

After two trips to Washington to plead their case the Big 3 might get some of what they are asking for. It seems that Democrats and the Bush White House have finalized a deal to offer $15 billion on emergency loans for the struggling American automaker. There is still opposition among some Republican lawmakers however.

The plan would create a government "car czar" to oversee and distribute the loans, with the power to force the carmakers into bankruptcy if they did not cut quick deals with labor unions, creditors and others to restructure their businesses and become viable.

The plan will head to the House of Representatives where debate will start Wednesday afternoon and could be voted on within 24 hours.

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