Several officials say the White House and congressional Democrats have agreed on $15 billion in loans, which is less than half of what the car chiefs were seeking.
They say the breakthrough came after House Speaker Nancy Pelosi bowed to a demand by President Bush that any aid come from a fund that had been intended to help Detroit produce more fuel-efficient cars.
Pelosi said the House would consider legislation next week to provide “short-term and limited assistance” to the U.S. auto industry.
Talk about an empty measure. If the big three are telling the truth, they will burn through that money before two months are out.