Bailout Update!

First and foremost, call you reps! 202-224-3121.

via Michelle

The latest:

Democratic leaders toned down their prediction that Congress would approve a $15 billion automaker bailout within 48 hours, as Republican objections proved difficult to resolve.

Senate Majority Leader Harry Reid said the Senate is unlikely to vote on the measure tonight and warned that lawmakers may have to stay in session over the weekend if objections are raised to voting earlier.

“Everyone should understand we’re going to work until we complete this,” Reid said.

Congressional action is likely the only chance for the aid General Motors Corp. and Chrysler LLC say they need to survive. Federal Reserve Chairman Ben S. Bernanke ruled out central bank lending to automakers and suggested options including bankruptcy reorganization.

GM and Chrysler say they need at least $14 billion in combined aid to keep from running out of cash by early next year. Ford Motor Co., which would be eligible to apply for the loans, said again yesterday it doesn’t expect to. GM and Ford shares fell.

Some Democrats said support for the bailout in is in question. “It’s not a sure thing by any means,” said Michigan Representative Sander Levin, a Democrat.

Let's make sure it's NOT a sure thing.