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Auto Industry Bailout Deal Struck by Democrats and White House
The struggling auto industry will receive an emergency loan of $15 billion after majority Democrats and the White House agreed to a bailout that could be enacted by the end of the week.
As part of the deal the government would monitor the workings of the car manufacturers to ensure they restructured their operations to create a more viable business model. Failure to meet specific requirements dealing with labor unions and creditors would result in forced bankruptcy.
While the majority Democrats favor the deal there has been loud opposition by Congressional Republicans who were left out of the negotiations. Republicans have complained that the deal would not address the key issues that have brought the auto industry to its current state. And they would not support a deal that put taxpayers in the position of bailing out a failure.
Republicans could still seek to block the measure and delay any finalized bailout.
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