WASHINGTON, Dec. 5 -- Congressional Democrats said Friday they have agreed on a plan for short-term loans that one lawmaker said would carry U. S. automakers "well into" next year.
Congressional leaders said they expected to hold votes on the legislation during a special session next week, The New York Times reported.
Rep. Barney Frank, D-Mass. -- chairman of the House Financial Services Committee -- told NBC News Friday night the plan involves using funds from a $25 billion loan that has already authorized for technology upgrades, to allow automakers to meet cash flow needs in the short term.
"What we believe is that $25 billion will get us well into the next year," he said.
Auto giant Maruti Suzuki has decided to slash prices of passenger cars following the booster package announced by government to stimulate economic growth. Auto sector is satisfied over the measures taken by government in its recently announced fiscal package. 
Mercedes-Benz cars, owned by the German automaker, Daimler, has shown a drop of 25% in sales in November. Sales in the units, which include the Mercedes-Benz, AMG, Smart and Maybach brands, fell from 113,000 cars worldwide in November 2007, to 84,500 vehicles. 
Washington - Speaker of the House Nancy Pelosi said late Friday that Congress was considering a short-term funding deal for the US automotive industry and that a vote on some sort of bail-out for the Big Three was expected by next week.
