Detroit 3 bailout "very likely"

Here is a quick update on the status of the bailout effort currently being hammered out in Congress.

From Yahoo:

"The White House said Monday that it was "very likely" to reach a deal with Congress to help failing U.S. automakers but warned that Democratic lawmakers need to quickly provide their specific proposal.

"It sounds like we have agreement on those basic principles that would be required for a bill that the president could sign," White House press secretary Dana Perino told reporters.

Asked if the deal could happen as early as Monday, Perino said, "I think it's very likely." Yet, she said that if Congress expects to hold an initial vote on Tuesday, "it seems pretty soon if we haven't seen the language yet."

So far, so good. Stay tuned!