Breakthrough: Big 3 Bridge Loan Deal Reached…developing….

Update 2: 4:00pm EST: The WH has issued a statement indicating there are questions about some provisions of the proposal they have received from Congressional Dems, this may not be a done deal yet. Pelosi will be covered by CSPAN in 10 mins here.

UPDATE: 3:22 pm EST: The WH announces they have the proposed bill from the House Democrats for 15 Billion; Nancy Pelosi is having a press conference at 4:15 pm EST to announce the package…

Barney Frank told CNBC’s Steve Liesman that he expects a deal to be reached by the end of the day on a bridge loan for the BIG 3. Frank indicated the funding should last them until March, when PEBO and one presumes his ‘car czar’ will have further plans for our manufacturing base…

This echoes what the WH said this morning. It seems as though we may have a deal, pending language for the WH to review and a vote..

WSJ reports..

…The package is expected to provide $15 billion in emergency loans, carved out of an already-existing $25 billion Department of Energy program initially designed to provide the firms with retooling loans…

(more…)

December 8, 2008. Tags: , , , , , , , , , , , , , , , , , . Big 3, Cabinet, Economy, Finance, Foreclosures, Music, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St. 1 comment.

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