US Considering $15B Short-Term Loan Package For Automakers

Congress and the Whitehouse are looking to provide Detroit's Big Three automakers with $15 billion in short-term government loans, but signaled that changes at the top may be required for longer term-aid, including replacing General Motors' (NYSE: GM) CEO Rick Wagoner.

The Senate could vote on the short-term loans as early as Wednesday to avoid an imminent collapse of GM and Chrysler LLC, which have both indicated that cash may run out by the end of the year.

The automakers have requested a total of $34 billion of loans and lines of credit, but comments from lawmakers indicated that the longer-term aid will require significant changes.

Ford (NYSE: F), which is in the best short-term position may not get much, if any, of the short-term loans. Ford asked for $9 billion in government loans, but said it may not need the money unless one of its competitors goes bankrupt.

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