Bailout Deal Likely Today

After weeks of opposing a bailout for automakers, the White House said today that it is “very likely” to reach an agreement with Congress this afternoon. "If they want to work with us we'll meet them halfway," said White House Press Secretary Dana Perino, adding that the White House was awaiting draft legislation "so we can get this done." Democrats have been busy hammering out $15 billion in emergency loans that will be offered in exchange for strict federal oversight. They have already complied with one of the administration’s requests by allowing President Bush to appoint a single “car czar” to oversee reform, rather than a board culled from six federal agencies. Under the plan, the loans would be issued on December 15. Then, on February 15, the czar would review the Big Three’s progress and would have the option of pulling back the loans. Long-term restructuring goals from the companies would be due on March 31.