Here's a link to an AP wire story about automakers--chiefly GM--asking for a bailout: http://money.aol.com/news/articles/_a/bbdp/paulson-voices-opposition-to-big-3/251547
It looks inevitable that a bailout will occur--but not until President-elect Obama takes office.
If I were President, I'd probably be one of those left-tilting people that Obama is cautious of being. And I'd insist on conditions to the bailout such as:
1. All SUVs must get at least 30 MPG. Otherwise, penalties will be assessed.
2. Appoint Neil Young to the board of GM (Young, when not engaged in his day job as a musician, has been active in development of high-mileage alternative fuel vehicles).
3. Strict accountability in terms of knowing where every penny of the $25 billion bailout money will go. And absolutely none of it will be used for CEO bonuses.
4. No more delays on meeting emission standards.
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