$15B Auto Aid Draft Proposal Heads To White House

Law360, New York (December 8, 2008, 12:00 AM EST) -- Democrats in Congress sent a draft proposal of a $15 billion bridge loan for the Big Three U.S. automakers that includes the appointment of a “car czar” to oversee restructuring of the industry to the White House for review Monday.

The proposed package, which is intended to carry General Motors Corp., Chrysler LLC and Ford Motor Co. through March 31, is far short of the $34 billion the companies asked for in congressional testimony last week and faces significant obstacles before it can be passed....
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