Three senators still hope for auto rescue deal
WASHINGTON (Reuters) - Three U.S. senators were still working on a bipartisan bill to assist the automotive industry and hoped to reach a deal, a Democratic Senate aide told Reuters on Thursday.
"They're working on a bipartisan bill and hoping to reach an agreement soon," the aide said.
But chances of passing legislation were slipping away quickly, said other aides.
The three involved in discussions are Michigan Democrat Carl Levin, Missouri Republican Christopher Bond and Ohio Republican George Voinovich, the aide said.
U.S. automakers General Motors, Ford Motor and Chrysler have been pleading for $25 billion in emergency government aid to weather a steep business downturn. The CEOs of all three companies testified before two congressional committees this week, but came away empty-handed.
The White House continues to favor using $25 billion already authorized and appropriated through the Energy Department to provide loans for ailing automakers.
Democratic leaders in Congress have argued for carving out $25 billion from the $700 billion financial rescue fund.
Even if a deal is struck among Senate negotiators, the legislation faces hurdles. There would have to be agreement among all 100 senators, which is rare, to allow the bill to come to a quick vote in the Senate.
If that agreement is not reached, the earliest a vote might come is on Saturday and it was unclear if lawmakers would stay in Washington that long ahead of the November 27 Thanksgiving holiday.
Plus, any bill likely would need at least 60 votes to overcome anticipated procedural hurdles by opponents.
Also unclear is whether the House of Representatives would stay in session late this week.
Another possibility is a vote on an auto bill sometime after the Thanksgiving holiday. Earlier this week, House Speaker Nancy Pelosi ruled out a post-holiday session. But Senate Majority Leader Harry Reid said he would talk to Pelosi later on Thursday about having another short work session.
(Reporting by Kevin Drawbaugh; additional reporting by Richard Cowan and John Crawley; Editing by Tim Dobbyn)
