"Still no deal/bill" was a line emailed to Reuters by a senate republican leadership aide earlier today. It refers to the agreement congress is trying to finalize in order to avert a potentially catastrophic financial 'failure' of the 'Big 3'.
According to Reuters, the U.S. House of Representatives could vote on the matter today- though it may still face republican roadblocks in the process.
Some $15 billion worth of low-interest loans are at stake here, though some issues remain unresolved. Apparently, one such issue is a demand that automakers drop lawsuits against states seeking to reduce tailpipe pollution.
AT the time of writing, the bill stood nearly completed- and more information is expected later today- though Senator Carl Levin had declared victory yesterday on word of a 'breakthrough'. Senator Levin's home state of Michigan is also home to GM, Chrysler and Ford.
Part of the bill in progress outlines a proposal that would force carmakers receiving loans to answer to a presidentially-appointed trustee, and to make the government their biggest shareholder. This trustee could recommend a bankruptcy restructuring if borrowing companies couldn't obtain the necessary concessions.
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According to Reuters, the U.S. House of Representatives could vote on the matter today- though it may still face republican roadblocks in the process.
Some $15 billion worth of low-interest loans are at stake here, though some issues remain unresolved. Apparently, one such issue is a demand that automakers drop lawsuits against states seeking to reduce tailpipe pollution.
AT the time of writing, the bill stood nearly completed- and more information is expected later today- though Senator Carl Levin had declared victory yesterday on word of a 'breakthrough'. Senator Levin's home state of Michigan is also home to GM, Chrysler and Ford.
Part of the bill in progress outlines a proposal that would force carmakers receiving loans to answer to a presidentially-appointed trustee, and to make the government their biggest shareholder. This trustee could recommend a bankruptcy restructuring if borrowing companies couldn't obtain the necessary concessions.