Faced with staggering new unemployment figures, Democratic Congressional leaders said on Friday that they were ready to provide a short-term rescue plan for the cash-strapped American automakers, and expected to hold votes on the legislation during a special session next week.
Details of the rescue package were not immediately available but senior Congressional aides said that it would include billions of dollars in short-term loans to keep the automakers afloat at least until President-elect Barack Obama takes office.
Barney Frank was on Rachel Maddow's show tonight discussing the agreement between the Dem's. Frank pushed the fact that this is a LOAN...not a bailout. They are going to use monies that are available already for other vehicle projects, like fuel efficiency.
I am confident the news that over half a million Americans lost jobs in the last month helped them arrive at this decision. Video when it becomes available.
Tags: Auto Bailout