Detroit News: Feds Weigh $10B in Emergency Auto Aid

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David Shepardson from the Detroit News Washington Bureau: The United States Treasury Department is leaning toward granting General Motors and Chrysler a loan package of roughly $10 billion that would allow them to survive into February, putting pressure on Congress to act to add funds. Talks between the automakers and Treasury are continuing, but no announcement of a deal is expected until at least Wednesday. One auto official said Treasury is considering "a bridge to a bridge loan" rather than the full amount sought by automakers. Senator Chris Dodd, chairman of the Senate Banking Committee, told reporters in Ireland on Monday he expected the administration to act quickly but said any loans would allow the automakers to survive "basically into the first quarter."

Note: Send President Bush a message expressing your support for aid for the auto industry to comments@whitehouse.gov. You can also send Congress a message via the GM Facts and Fiction website.

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Report: Auto Loans Could Come by Friday

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David Shepardson from the Detroit News: Treasury Department officials are weighing the condition of the nation's banks before they loan money to General Motors and Chrysler, possibly by Friday. Treasury Secretary Henry Paulson said automakers would soon get emergency loans but the department is still asking detailed questions of automakers before it allocates any money from the $700 billion Troubled Asset Relief Program, or TARP.