The auto bailout plan is on its way to the White House, as House Speaker Nancy Pelosi explained today at her press conference:
Pelosi: We are, as you know, for the past few days, in conversation about how we go forward with a package for the auto industry that produces at the end of the day -- and that means, very soon -- a viable industry for our country. It is an industry that is important to our economy, to our industrial base. There are workforce concerns that again are important to our country. And we want to be able to review the performance of the auto companies as we go forth.
In order to do that, it's important for us to pass legislation that will set criteria for restructuring and reorganization of that industry and the companies within it.
Pelosi then hands off the mike to Rep. Barney Frank, D-Mass., the architect of the bill. Frank makes clear that the ball is now firmly in George W. Bush's court. Whaddya think the chances are he'll blow it?
MSNBC has more details on the bailout plan.