With Congress set to consider a $25-billion lifeline to the domestic auto industry, the heads of General Motors Corp., Ford Motor Co., Chrysler LLC and the United Auto Workers will be called to Capitol Hill next week to explain why the money is needed and how it will be used to keep the industry alive.

Never before have America’s automakers moved en masse for a bailout, with each hemorrhaging cash amid a global credit crunch and plunging sales, setting the stage for a special session of Congress next week to take up legislation that would authorize $25 billion in loans under the previously approved $700-billion bailout of Wall Street.

And while the White House and Treasury Secretary Henry Paulson signaled reluctance Wednesday to open that earlier bailout to automakers, congressional leaders suggested it’s unlikely President George W. Bush would veto legislation doing that, given the grave consequences of a failure of one or more of the three domestic automakers.

“If they’re serious about supporting the auto industry, they wouldn’t veto it,” said Sen. Carl Levin, a Michigan Democrat.

On Wednesday, a draft of the proposed legislation at the heart of the session — being called next week by House Speaker Nancy Pelosi, D-Calif., and Senate Majority Leader Harry Reid, D-Nev., — began being circulated among key leaders.

Source: Detroit Free Press