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BREAKING NEWS: Auto industry bailout deal reached
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A deal has been reached to save the struggling U.S. auto industry. According to MSNBC.com and the Associated Press, Congress and the White House have reached a deal that would funnel $15 billion in emergency loans to Ford, Chrysler and GM and create a "Car Czar" that would oversee the process.
Details are still being finalized but th plan is said to include several provisions including mandated labor and credit negotiations, release of corporate jets and the potential for the government to revoke the loans and force the companies into bankruptcy if restructuring plans are not acceptable.
Reaction from Captol Hill is mixed, with Republicans expressed serious concerns over the plan.
Do we need a "Car Czar?" Check out EC Economic Policy Examiner Joe Hight's take on the story
Read MSNBC's coverage of the auto bailout deal.
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