CBS: $15 billion auto bailout agreement reached

It appears agreement has been reached between the White House and Congress on an auto industry bailout to the tune of $15 billion. The $15 billion will not be drawn from the $700 billion stimulus package, but from the fund supposedly dedicated to getting energy-efficient car production up and running, according to CBS:

(CBS/AP) After weeks of tense discussions with the heads of the U.S. auto industry, Democratic Congressional leaders have reached an agreement that may just clear the way for the Big Three to get the money they need to survive ... for now.

CBS News correspondent Kimberly Dozier reports that significant progress came Friday night, when Democrats from both the House and Senate agreed to bail out the struggling General Motors, Chrysler and Ford with federal funds.

Several officials say the White House and congressional Democrats have agreed on $15 billion in loans, which is less than half of what the car chiefs were seeking.

They say the breakthrough came after House Speaker Nancy Pelosi bowed to a demand by President Bush that any aid come from a fund that had been intended to help Detroit produce more fuel-efficient cars.

Pelosi said the House would consider legislation next week to provide "short-term and limited assistance" to the U.S. auto industry.

Sigh. Only a few more weeks of "House Speaker Nancy Pelosi bowed to a demand by President Bush."