The Politics and Economics of the Auto Bailout
December 11, 2008 at 22:02 PM EST
The Senate logjam over a $14 billion “bridge loan” for the Big Three to tide them over until the end of March may be breaking. Republicans are demanding the equivalent of Chapter 11 bankruptcy as a condition — creditors must accept 33 cents on the dollar they’re owed, and workers must accept wages and benefits [...]