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Last updated on Wednesday, December 10, 2008
(WASHINGTON, DC) - The auto industry and legislators on Capitol Hill have gotten to a basic agreement for an emergency loan package for the auto industry late last night.
The package, aimed toward only General Motors and Chrysler, will ring the register at about $15 billion instead of the $25 or $34 billion packages originally requested.
However, our partners at Fox News report this afternoon that the Senate and White House aren't as "on board" as originally reported, and say the announcement of an "agreement" may be premature.
One sticking point is that Congressional Democrats want to add a stipulation that car companies can no longer sue states over environmental legislation, a move Congressional Republicans disagree with.
Either way, Fox News reports that, as part of the agreement, the White House will appoint an overseer of the plan, being referred to popularly as a "Car Czar," that would then be charged with either calling back the loans should the companies not have a turnaround plan in place by March 31st, or offer a one time extension to April 30th.
The Detroit News speculates the "Car Czar" would most likely be a banker instead of a car guy, and names speculative favorites for the post, those being former Fed Chairman Paul Volcker, racing and automotive legend Roger Penske, and Renault and Nissan CEO Carlos Ghosn.
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