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Key senators reach tentative auto bailout deal

(Agencies)
Updated: 2008-12-12 10:49

WASHINGTON – A bipartisan group of senators reached tentative agreement Thursday night on an emergency $14 billion bailout for US automakers, the Senate's top Democrat said. Majority Leader Harry Reid said the lead Republican architect of the deal was briefing colleagues on the compromise, and Democrats were prepared to move forward on it quickly.

The House Republican leader, Rep. John A. Boehner, R-Ohio, leaves the floor after the auto industry bailout vote passed in the face of strong GOP opposition, at the Capitol in Washington, Wednesday, December 10, 2008. Boehner said the legislation 'asks taxpayers to further subsidize a business model that is failing to meet the needs of American workers and consumers.' [Agencies]

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"We're ready to go," said Reid, D-Nev.

His announcement came after hours of marathon talks at the Capitol between labor, lawmakers and the auto industry to salvage the Big Three rescue. The talks centered on possible wage and benefit concessions from the United Auto Workers union as well as large-scale debt restructuring by General Motors Corp., Ford Motor Co. and Chrysler LLC.

The details of the agreement weren't immediately known, and it was not clear whether Republicans senators — who revolted against an auto bailout the Bush White House negotiated with congressional Democrats — would go along.

Leaders stressed that the deal wasn't final.

"All issues are still on the table," said Sen. Dick Durbin of Illinois, the No. 2 Democrat, as he emerged from the talks.

But it was clear lawmakers had made substantial progress toward getting the auto industry aid back on track, and members of both parties were in search of an accord.

"We've got some issues still to resolve but we all want to resolve them," said Sen. Bob Corker, R-Tenn., who led the closed-door talks for his party.