BREAKING: Senators reach compromise on emergency auto loans

[jpljr77]

A bipartisan group of auto-state senators say they have reached a compromise to speed emergency loans to Detroit's Big Three car makers, the Associated Press reported Thursday. Republicans and Democrats plan to present the proposal at a mid-afternoon news conference Thursday but it was not clear whether the compromise plan could draw enough support to get through the Senate, the news agency said.

http://www.marketwatch.com/News/Story/Story.aspx?guid={222C65B9-2832-47D6-8CEA-6FD7BA1CDAFB}

[jpljr77]

1. Apparently the Senators leading the charge are...

Michigan Democrat Carl Levin, Missouri Republican Christopher Bond and Ohio Republican George Voinovich.

Still not much other news on it.

[jpljr77]

2. UPDATE: Add Stabenow to the list, and...

"An auto industry source said the deal would use money from the $25 billion Congress made available to the automakers in October for fuel efficient vehicle programs. Speaker Nancy Pelosi has adamantly opposed using this money for anything but its intended purpose. To attempt to please Pelosi, under this deal, the Congress would come back in January and replenish the fund for fuel efficient vehicles."

This is according to ABC News.

[Kadie]

3. here is a little more info...

Bipartisan group works to revive auto bailout
Bipartisan group reaches last-ditch compromise for government auto industry aid
Ken Thomas, Associated Press Writer
Thursday November 20, 2008, 12:31 pm EST

snip...

It temporarily would divert to troubled automakers money from a program that currently finances the development of fuel-efficient vehicles. The aim would be to cover their immediate expenses.


http://finance.yahoo.com/news/Bipartisan-group-works-to-apf-13633769.html

[jpljr77]

4. Press conference set for 2:30pm.

The office of Levin confirmed to MarketWatch.

http://www.marketwatch.com/news/story/Bipartisan-deal-reached-aid-automakers/story.aspx?guid={FC638630-7CB7-4C21-9BA5-732071AD4DCB}

[orleans]

5. let me guess

congress members are going to make personal loans to people?