Congressional Democrats and the White House have reached a preliminary agreement for the $15 billion loan to the Big Three. Under the plan, the funds will be made available as soon as next week. President Bush will need to appoint a "Car Czar" immediately. The Czar will evaluate the recovery progress and if positive progress is not made by March 31, the loans will be revoked and Chapter 11 bankruptcy will be considered.
While this agreement in concept is encouraging for the automakers, Republicans were not included in the discussions and are not completely onboard with the proposed plan. These next few days will be very interesting for the auto industry.