Saturday, December 6, 2008

You'll Get Half and Like It

Reuters is reporting that the U.S. auto makers are indeed getting at least a portion of the short-term financing that that have been seeking from Washington.

"WASHINGTON, December 5 – Congressional Democrats and the White House have reached agreement on emergency aid for US carmakers of between $15bn and $17bn, two senior congressional aides said on Friday.

The amount is far less than the $34bn requested this week by General Motors, Ford Motor, and Chrysler, but it would keep them going into next year."

The half-assed compromise isn't being confirmed by any other news outlet as far as I can see (EDIT: looks like WSJ is on board) , so might not be correct.

In the end, I would have been shocked if these guys had walked away with nothing, but even as the auto execs showed up better-prepared in D.C. this week, the questions in asked were much tougher.

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