A government "car czar" with the power to force U.S. automakers into bankruptcy would dole out $14 billion in emergency loans to the failing industry under an emerging deal between the White House and congressional Democrats.
(AP Photo)
Senate Majority Leader Harry Reid suggested that the bill could keep senators in town through the weekend.
"It seems very clear that the minority Republicans will not go forward until they have the time to study this," Reid said Wednesday morning.
This morning, Senate Minority Leader Mitch McConnell, R-Ky., promised "more substantive thoughts" after he had seen the bill.
Congressional leaders and the White House have cleared a major hurdle in crafting an agreement, but now comes the hard part.
"This gets us to the 20-yard line, but getting over the goal line will take a major effort," said Sen. Carl Levin, D-Mich., Tuesday night. "We will need the personal involvement of President Bush and President-elect [Barack] Obama."
Indeed, the situation in the Senate is tricky. McConnell told ABC News Tuesday night that he's not sure the measure will pass and is, in fact, still undecided himself on how to vote. Some Democratic senators, too, could oppose the measure.
To get the 60 votes necessary to end the debate and vote for passage, the bill will likely need the support of at least a dozen Republicans, probably more.
"The public doesn't like it," McConnell said, "and in our line of work, that's important."
Congressional leaders and the White House have been hashing out a plan to give General Motors and Chrysler a total, short-term infusion in low-interest loans to stay afloat in the months ahead.
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