Principle Agreement Reached

Economy Congress A bailout may soon be on the way to America's auto industry.
by WKRG Staff
Published: Tue, December 09, 2008 - 10:31 pm CST
WASHINGTON (AP) - Congressional aides and a senior administration official say the White House and congressional Democrats have reached an agreement in principle to speed $15 billion in government loans to struggling U.S. automakers.
The plan could see a vote as early as Wednesday. It creates a government "car czar," to be named by President George W. Bush, to oversee the bailout billions and an auto industry restructuring.
The czar would have to yank back the federal money if carmakers didn't do enough to reinvent themselves.
The measure is not final and could still face obstacles from congressional Republicans, who have not approved it.
The officials spoke on condition of anonymity because they were not authorized to announce the developments.
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