On again, off again auto bailout back on?

Diarist Johnny Venom is following this minute-by-minute, but the basics are that the auto bailout that looked to have been abandoned earlier today may be back on. But is it back on only to be shot down all over again?

The AP reports that auto state Senators Carl Levin (D-MI), Debbie Stabenow (D-MI) and Kit Bond (R-MO) say they have a bipartisan deal to put a bailout back on the table, with Bloomberg reporting that they'll unveil it at a 2:30 pm presser.

Procedural and political wrangling surround every step, of course:

White House press secretary Dana Perino on Thursday blamed Reid for not allowing the Republicans' separate auto-aid plan to come up for a vote.

"Unfortunately it looks like Sen. Reid just wants to pick up his ball and go home for the next two weeks — two months — for vacation," she said.

Congressional Democrats countered that the Treasury Department already had the power to grant emergency funds to the automakers, but the Bush administration opposed the approach.

So Treasury, which as we'll recall is now pretty much unbound by any rules or laws whatsoever, could have dealt with this at its leisure. But they didn't. Why not? What does the White House want?

The White House and congressional Republicans have urged Democrats to support a GOP plan to divert a $25 billion loan program created by Congress in September — designed to help the companies develop more fuel-efficient vehicles — to meet the auto giants' immediate financial needs.

The "bipartisan" plan?

Do that. Then give 'em more money.

Sens. Carl Levin, D-Mich., Kit Bond. R-Mo., and George Voinovich, R-Ohio, are trying to broker an alternative that could provide bridge loans or a guarantee that the fuel-efficiency loan fund ultimately would be replenished. Negotiators were discussing a scaled-down aid package of $5 billion to $8 billion to help the automakers survive through year's end.

But even if the Senate can adopt such a plan today (and who sincerely doubts their ability to accept a White House demand and then add more money onto it?), the House may not stay in town to pick it up when they're done. So we may see yet another lame duck session in December:

House Majority Leader Steny Hoyer, D-Md., noted that Democratic leaders were planning to gather for an economic conference the week of Dec. 8. "That is available," Hoyer said. "The year has not ended."