Democrats, White House Haggle over Auto Bailout Plan

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Congressional Democrats and White House staff hashed out the details of a plan for the Big 3 Auto Bailout over the weekend, hoping to solidify a bill that would allow roughly $15 billion in loans to General Motors, Chrysler and Ford to see them through to the New Year.

The bailout would essentially ensure that none of the Big 3 automakers go bankrupt before they have the opportunity to restructure the entire US auto industry and develop new, viable business models for survival.

Top aides believe the bailout will pass Congress, but the Bush administration has warned that they will insist on strict conditions to ensure that the companies who receive a bailout will actually turn out to be profitable businesses at the end of the road.

A resolution could be achieved by the end of this week if Democrats address the concerns the Bush administration has with the legislation as it currently stands.

Namely, the White House wants to ensure that the automakers will be able to effectively reorganize the industry.  The appointment of a "car czar" has been drafted into the legislation, though it remains to be seen whether this will provide adequate assurance to push the bill through.