Breaking News: Congress, White House Move Toward Deal for Big Three Automakers


News reports tonight indicate that an agreement has been reached in an effort to save the U.S. automakers. "Jolted by the loss of thousands of jobs, congressional Democrats and the White House reached for agreement Friday on about $15 billion in bailout loans for the beleaguered auto industry," said MSNBC on its website. "Several officials in both parties said a breakthrough on a long-stalled bailout came after House Speaker Nancy Pelosi bowed to Bush's demand that the aid come from a fund set aside for the production of environmentally friendlier cars." The proposed auto bailout would include billions in short-term loans for the automakers - but it's not a done deal yet. Both the House and Senate will meet next week to discuss, and then subsequently vote on, the final terms of any deal under consideration.

Source: MSNBC

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Video: GM Plan for the Bridge Loans

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Late yesterday General Motors released a new Web video showing its plan for the bridge loans. The company says it is working to build a sustainable auto industry. Here's what GM is doing to position the itself for growth. The video highlights the company's restructuring plans, new vehicle developments, and work to shape the future of transportation.