Senate compromise reached on US Auto bailout

There is breaking news out of Washington that an agreement/compromise has been reached by US Senators to fund a rescue package for the Big Three.

From Automotive News:

"Key members of the U.S. Senate have reached a bipartisan deal to fund a rescue package for the Detroit 3, according to a spokesman for U.S. Sen. Carl Levin.

It remains unclear whether the senators have enough votes or when the matter will be taken up. It's also unclear if Senate Majority Leader Harry Reid, D-Nev., has signed on to the compromise.

A draft of the compromise was being worked on by Levin, D-Mich., and Sen. Christopher Bond, R-Mo., among others."

Good news indeed, I believe. There is a press conference at 2:30 and I will report later what is announced. Stay tuned!