A bailout bridge loan plan for the not-so-Big Three drawing emergency aid from an existing pool of $25 billion for green vehicle R&D and including a Cabinet-level oversight board could come as early as today.
Here's what the AP's reporting this morning on details from over the weekend:
"The plan would draw the emergency aid from an existing loan program meant to help the automakers build fuel-efficient vehicles. The size of the package hasn't been finalized, but it is expected to be about $15 billion, several congressional aides said.
It would create a board composed of Cabinet secretaries from the departments of Treasury, Energy, Labor, Commerce and Transportation plus the Environmental Protection Agency administrator to oversee a broad auto industry restructuring. A congressional aide outlined the emerging measure on condition of anonymity because it is not yet completed."
All we know is Bob "The Builder" Nardelli's been praying since Friday night. We guess we may find out today if his prayers were answered.[via AP]
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