Auto state senators reached a deal on a last-ditch agreement to provide $25 billion in quick aid to automakers today, but it was unclear if the Senate and House would approve it before they adjourn for the year, congressional aides said. A press conference is scheduled for 2:30 p.m. today.
Sen. Carl Levin , D-Detroit, has been negotiating with Republican Sens. Kit Bond of Missouri and George Voinovich of Ohio on a plan, favored by Republicans and the White House that would draw the money from the $25 billion retooling program, which was approved in September. The companies would be required to adopt limits on executive compensation and bonuses and wouldn't be able to use the funds to pay dividends. An oversight board would be appointed to watch how the money is spent.
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