OK, so the White House has apparently come to the momentary rescue of the U.S. auto industry by offering $17.4 billion in loans in exchange for concessions similar to what was in the House bill. So no sweeping wage or benefit or work rule cuts. That will be left to the Obama car czar who'll likely be far easier than a bankruptcy judge. Bailout Nation continues. A few details from the AP:
One official said $13.4 billion of the money would be available this month and next, $9.4 billion for General Motors Corp. and $4 billion for Chrysler LLC. Both companies have said they soon might be unable to pay their bills without federal help. Ford Motor Co. has said it does not need immediate help.
Bush said the rescue package demanded concessions similar to those outlined in a bailout plan that was approved by the House but rejected by the Senate a week ago. It would give the automakers three months to come up with restructuring plans to become viable companies.
If they fail to produce a plan by March 31, the automakers will be required to repay the loans, which they would find very difficult.
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