Auto state senators reached a deal on a last-ditch agreement to provide $25 billion in quick aid to automakers today, but it was unclear if the Senate and House would approve it before they adjourn for the year, congressional aides said.
A press conference is scheduled for 2:30 p.m. today.
Sen. Carl Levin , D-Detroit, has been negotiating with Republican Sens. Kit Bond of Missouri and George Voinovich of Ohio on a plan, favored by Republicans and the White House that would draw the money from the $25 billion retooling program, which was approved in September. The companies would be required to adopt limits on executive compensation and bonuses and wouldn't be able to use the funds to pay dividends. An oversight board would be appointed to watch how the money is spent.
UPDATE: CNBC reports that this won't fly in the House, and that they are looking at coming back in December to work things out. Will link when available.
UPDATE 2: December it is - Pelosi is on the TV asking for a plan from the automakers before they go forward.
Democratic leaders have decided to put off a bailout vote for the auto industry until December and insist that the Detroit Three first come up with a plan showing how the money would help transform their industry.
Barney Frank is pointing out that the banking industry bailout ruined it for everybody - and he is right.
See y'all after Thanksgiving, and we can do this dance all over again.