Rescue, bailout, whatever you want to call it, the bill that would shovel about $15 billion in gov't loans to General Motors and Chrysler is being finalized as we speak. The stumbling block between Congressional Democrats and the White House has been the breadth of power that will be given to a Bush-appointed Car Czar and whether or not automakers will be able to continue their legal fight against the state of California, 17 other states and the EPA over stricter emissions standards.
It appears as if Democrats have conceded to the White House that the Car Czar will be given the power to force either GM or Chrysler into bankruptcy if they're unable to get additional concessions from the UAW and creditors on their own. Likewise, the administration also appears successful in getting Democrats to drop language in the bill that would force any automaker accepting government loans to drop their lawsuits against nearly 18 states pushing for stricter emissions standards.
The bill could be voted on in the House of Representatives as early as today, though may not be voted on in the Senate for several days until Democrats are certain they have the 60 votes required to block a filibuster by Republican senators who oppose it.
Stay tuned folks, as this thing is far from a done deal despite Democrats and the White House coming to an agreement. Senate Republicans now hold the fate of the Detroit 3 in their hands, and we'll know the outcome when the Rescue/Bailout bill hits the Senate floor.
[Source: The Detroit Free Press, Photo by Brendan Hoffman/Getty]