Sunday, December 7, 2008

Levin: Deal on GM, Chrysler loans possible within 24 hours


WASHINGTON – A compromise pact to provide at least $15 billion in loans to General Motors Corp. and Chrysler LLC could be unveiled within the next 24 hours, Michigan Sen. Carl Levin said today.

The White House and congressional Democrats have been working on a deal since Friday night, when House Speaker Nancy Pelosi, D-Calif., dropped her opposition to drawing money from a plan to loan $25 billion over several years for retooling plants.

“I think they’re very close to a deal, I’m very confident there will be a deal, and that will happen within 24 hours,” Levin said on “Fox News Sunday.”

Levin said he expected the bill to be introduced in the next couple of days. The Senate is set to come back in session Monday, with the House planning to return Tuesday. Any bill will likely need 60 votes to pass in the Senate, something Levin couldn’t guarantee today....More

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