Perhaps driving to the Capitol worked. The New York Times reports that Democratic congressional leaders agreed to a short-term bailout for the Big Three. No details yet, but the paper quotes aides saying the plan “would include billions of dollars in short-term loans to keep the automakers afloat at least until President-elect Barack Obama takes office.” Moreover, “the money would likely come from $25 billion in federally subsidized loans intended for developing advanced fuel efficient cars.” Democrats had wanted President Bush or the Fed to provide the money, rather than tapping into those funds.
Read it at The New York Times
