Auto BAILOUT Plan Finalized.... Car Makers To Get $15 BILLION

by **J The Kidd** Wed Dec 10, 2008 3:26 pm

Officials are saying that Democratic leaders in congress and the
White House have finalized a bailout deal Wednesday to spend $15
billion on loans for struggling U.S. car makers.

If all goes as planned, the plan could go into action by the end of
the week, bringing money to General Motors and Chrysler, and making
Ford eligible for federal aid. Without the money, GM and Chrysler may
not make it to the end of the year.

Besides the $15 billion aid, the bailout plan would be headed by a
Bush-appointed "car czar" to whom car manufacturers would have to
report their restructuring plans by spring. If the czar feels the plans
are not enough, he or she has the authority to pull the federal money
and force them into bankruptcy.

Republicans - who are none too pleased with the idea - could strike
down the deal, however, forcing everyone into bankruptcy anyway.

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