$15 Billion in Loans for Auto Industry

Facing massive job losses, the White House and congressional Democrats are working to provide about $15 billion in loans to prevent Detroit's weakened auto industry from collapsing.

According to the Miami Herald article, Congress, White House work to Help Auto Industry, the legislation, which was being crafted this weekend, would act as a lifeline to General Motors Corp., Ford Motor Co. and Chrysler LLC while meeting demands from many skeptical lawmakers that Congress refrain from writing a blank check for the beleaguered industry.

Several officials in both parties said a key breakthrough on the long-stalled bailout came when Pelosi bowed to Bush's demand that the aid come from a fund set aside for the production of environmentally friendlier cars.