Democratic lawmakers will bail out the Big Three with billions of dollars in loans after all, the New York Times reports. Their change of heart, which comes after 2 days of auto exec hearings, was inspired by today's news that half a million Americans lost their jobs last month. Congress plans to vote next week on $15-$17 billion in short-term loans to the Detroit automakers, Reuters reports.
"We aim to have votes next week on a responsible plan to help the millions of Americans who rely on a healthy auto industry for their livelihoods," said Senate majority leader Harry Reid. The shift also ends a standoff between Nancy Pelosi and the White House over where to get the money: Lawmakers will draw on $25 billion originally slated to help automakers make more fuel-efficient vehicles.