White House and congressional leaders have agreed to bail out the auto industry. Detroit will get $15 billion in loans and, to make sure the Big Three keep running after their warranties expire, a so-called car czar will oversee long-term restructuring. And because we’re really serious about getting this right, George W. Bush gets to pick the car czar. D’oh!
AP via Google:
Congressional Democrats sent the White House an emergency $15 billion auto bailout plan Monday, complete with provision of a “car czar” to oversee the industry’s reinvention of itself. The Bush administration said there had been progress toward agreement but pressed further negotiations into the night.
The measure would rush bridge loans to Detroit’s struggling Big Three but would also demand that the auto industry restructure itself in order to survive and would put an overseer chosen by President George W. Bush in charge of monitoring that effort, according to the draft obtained by The Associated Press.