Sen. Kit Bond's office says a bipartisan deal has been reached on a $25 billion dollar auto bailout that will require a second lame duck Congressional session in December.
Bond spokesperson Shana Marchio says Senators Levin, Bond, Stabenow and Voinovich helped broker a deal that has a strong chance of clearing both chambers.
The deal would reportedly 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.
ABC News reports Speaker Nancy Pelosi has adamantly opposed using this money for anything but its intended purpose. "To attempt to please Pelosi, under this deal, the Congress would come back in January and replenish the fund for fuel efficient vehicles," reports Jonathan Karl.
Politico reports that Bond clashed with Louisiana Senator David Vitter over the bailout plan.
Bloomberg quotes Bond saying that automakers must take several steps, and "selling corporate jets might be one.'"
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