Senate To Try to Pass Auto Bail Out

The Senate is going to try to push through a bail out package for the auto industry.

The plan details are unclear and there is a test vote on Wednesday.

CQ Politics has a few more details on what might be in the bill.

Sen. Carl Levin , D-Mich., has been working on legislation to provide $25 billion in “bridge loans” to the “Big Three” automakers. House Financial Services Chairman Barney Frank , D-Mass., has been heading efforts to draft bailout legislation in that chamber.

House and Senate leaders have said any legislation must include the same type of restrictions and taxpayer protections as the larger financial industry bailout plan Congress cleared in October, including limits on executive compensation.

Of course the above statement isn't good because the financial bail out was a pure taxpayer giveaway with no restrictions or oversight as we now see.

It's $25 Billion, which in comparison to the Wall Street giveaway seems like chump change.

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