All signs indicate Congress and President Bush are close to agreement on a loan package aimed at giving at least two of the Big Three automakers some breathing room from their financial woes and hopefully begin some sort of recovery.

The money—about $15 billion—would go to General Motors and Chrysler. Ford executives have said the company could get by without a loan, but with a standby line of credit to draw upon if the need arises.

We have consistently opposed these recent government bailouts, including the $700 billion the feds are directing to Wall Street. That posit...

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