Looks like, anyway... Rachel Maddow reports that a deal has been reached.
Barney Frank should be on any moment to give the details. Watch Rachel now!
Here he is, and he's confirming that the jobs report was a big motivator.
DrDemocrat provided a link in the comments.
beltaneprovided another link.
AP update, hat tip to kimberlyweldon. This says only $15 billion, but that may still be enough to stanch the bleeding (at least until January! ;), and the situation really is desperate enough to justify that metaphor.
I work for an automotive supplier, so this is very relevant for me. We've been looking at a layoff of two to four hundred workers this month.
Barney's talking now about how health care expenses have been a major factor harming American competitiveness. He says that under an Obama administration that factor may be lessened.
The rescue plan will be approximately the earlier size of $25 billion. I know first hand that the industry has been doing some pretty drastic belt-tightening, so that may well be enough.
Although my own job is not immediately at risk, it's been very disheartening to see the deep worries of my co-workers who are not so lucky. Any news which gives hope that fewer people will lose their jobs (even temporarily) is great.
It was just yesterday that our management announced that they were offering severance packages for people who wanted to leave off voluntarily, but that it would still probably require several hundred involuntary layoffs to keep afloat.
According to the MSNBC link,
Several officials in both parties said the breakthrough on a long-stalled bailout came after House Speaker Nancy Pelosi bowed to Bush's demand that the aid come from a fund set aside for the production of environmentally friendlier cars.
I'm not too worried about that, I'd guess it's just a face-saving gesture to let dubya assure both his remaining fans that he's still an ass. The environmental responsibility funding will be replenished soon enough. Nancy Pelosi apparently received assurances that it would be, in "a matter of weeks" (from the NYT article).
There are still hurdles, of course:
The proposed deal could still fall apart for a number of reasons. It was unclear Friday evening how much support would come from Republicans, particularly in the Senate where procedural hurdles are high. Crucial details remain to be worked out, including how to restore the money to the fuel-efficiency program.
Still, we've been starved of hope for so long that I'm celebrating Repeal Day with an extra happy glow tonight!