Officials are saying that Democratic leaders in congress and the White House have finalized a bailout deal Wednesday to spend $15 billion on loans for struggling U.S. car makers.
If all goes as planned, the plan could go into action by the end of the week, bringing money to General Motors and Chrysler, and making Ford eligible for federal aid. Without the money, GM and Chrysler may not make it to the end of the year.
Besides the $15 billion aid, the bailout plan would be headed by a Bush-appointed “car czar” to whom car manufacturers would have to report their restructuring plans by spring. If the czar feels the plans are not enough, he or she has the authority to pull the federal money and force them into bankruptcy.
Republicans – who are none too pleased with the idea – could strike down the deal, however, forcing everyone into bankruptcy anyway.
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