Whisper
December 10th, 2008, 11:48 AM
Congressional Democratic leaders and the White House have agreed on a deal to supply $15 billion US in emergency loans for struggling U.S. automakers, officials said Wednesday.
The measure, which could have a ripple effect beyond the U.S., could see a House of Representatives vote later Wednesday and be enacted by week's end.
It would create a government "car czar" to dole out the loans, with the power to force the automakers into bankruptcy if they didn't cut quick deals with labour unions, creditors and others to restructure their businesses and become viable.
Congressional Republicans, left out of negotiations on the package, are expressing grave reservations and may seek to block it.
In Canada, the federal and Ontario governments have been watching the negotiations in Washington closely and are under pressure to provide assistance to the Detroit-based automakers as well.
Shocker there...
The measure, which could have a ripple effect beyond the U.S., could see a House of Representatives vote later Wednesday and be enacted by week's end.
It would create a government "car czar" to dole out the loans, with the power to force the automakers into bankruptcy if they didn't cut quick deals with labour unions, creditors and others to restructure their businesses and become viable.
Congressional Republicans, left out of negotiations on the package, are expressing grave reservations and may seek to block it.
In Canada, the federal and Ontario governments have been watching the negotiations in Washington closely and are under pressure to provide assistance to the Detroit-based automakers as well.
Shocker there...