Senate reaches compromise on auto industry bailout

From Automotive News:

THE AUTO INDUSTRY BAILOUT
Compromise reached in Senate on auto bailout
David Barkholz and David Kushma


U.S. Sen. Carl Levin, D-Mich.
Key members of the U.S. Senate have reached a bipartisan deal to fund a rescue package for the Detroit 3, according to a spokesman for U.S. Sen. Carl Levin.It remains unclear whether the senators have enough votes or when the matter will be taken up. It's also unclear if Senate Majority Leader Harry Reid, D-Nev., has signed on to the compromise.A draft of the compromise was being worked on by Levin, D-Mich., and Sen. Christopher Bond, R-Mo., among others.Bond and Sen. George Voinovich, R-Ohio, with White House support, on Wednesday introduced legislation that would redirect $25 billion in loans to the auto industry as bridge loans to the Detroit 3 automakers.