WASHINGTON – Congress could consider a rescue plan for the sagging auto industry during what it hopes will be its final meeting this year.
Congressional leaders are working with the Bush administration and representatives of the Obama transition team on a plan that includes $15 billion in bridge loans to Chrysler, Ford and General Motors. Negotiators are also push to create a government panel to oversee the restructuring of the automobile industry. It would give the government equity stakes in the company, limit executive compensation and ban the payment of dividends to shareholders while the loans are outstanding, according to several published reports.
In an interview aired Sunday, on NBC's Meet the Press, President-elect Barack Obama said the automobile industry would have to undertake a major reorganization and concessions by several stakeholders.
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