On Monday, lawmakers sent an auto-industry bailout proposal to the White House. Dubbed the Auto Industry Financing and Restructuring Act, the plan calls for several concessions. Automakers who take part in the program must submit a detailed reorganization plan by March 31, 2009, and agree to drop any lawsuits relating to states' efforts at regulating greenhouse gas emissions. Those pesky corporate planes will be permanently grounded and the top 25 highest paid executives won't be receiving bonuses for as long as the companies owe the government money. According to <em>The Detroit News</em> automakers will have seven years to repay the loans at 5 percent interest and the government will receive some type of equity stake in the companies. The president will have the authority to appoint an administrator who will oversee the distribution of funds, approve the company's reorganization plans and pretty much act as a watchdog to make sure the carmakers hold up their end of the bargain.

The proposed bill is still being ironed out and will likely be tweaked as it goes through the House and Senate. A copy of the draft bill can be found here.

—Larry Webster