They asked for twice this much but 15 to 17 billion will have to suffice. This amount will keep the Detroit 3 in business until Obama's administration can put together a more comprehensive package.
From Yahoo:
"Democratic leaders and the White House reached a deal to provide billions of dollars in relief to the ailing U.S. auto industry, a senior congressional aide told Reuters on Friday.
The package, which Democratic leaders hope to win passage of next week and send to President George W. Bush, totals between $15 billion and $17 billion, the aide said, speaking on condition of anonymity.
The amount is far less than the $34 billion requested this week by General Motors, Ford Motor, and Chrysler, but Democratic leaders believe the money will keep them going until Barack Obama replaces Bush as president on January 20 and a new effort can be made for a rescue plan."
This is a pretty good compromise between the Bush Administration and Congress that ensures the viability of US automakers for the next 6 to 8 weeks. Hopefully, Obama's team can then rush through better and more complete legislation. I hope the next package contains verbiage stipulating better mileage vehicles and alternative energy cars and trucks like pure electrics.
It appears to me that this was all the lame duck Congressional session could agree to, although I feel they could have done more.
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