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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Democrats propose 15 billion dollar auto industry bailout AFP - 41 minutes ago WASHINGTON (AFP) - - Democrats proposed a 15 billion dollar bailout packaged for the troubled US auto industry, in a compromise that sources say may still not gain approval from the White House. The proposal offers less than half of the 34 billion dollars General Motors, Ford and Chrysler said they would need to stave off a "catastrophic collapse" of the nation's automotive industry. The deal is intended to sustain them through March, which will give president-elect Barack Obama time to address the problem after he takes office on January 20. "Fifteen billion is the maximum that's available, given the president's threat to veto anything else," said US Representative Barney Frank, one of the lawmakers spearheading talks on the rescue plan. Lawmakers said the bailout aimed to "give the automakers the chance to clean house and return to a responsible path toward profitability." Officials close to the talks said earlier Monday that the US legislature could authorize the rescue package, which calls for a massive restructuring and tough government oversight, by mid-week. The White House said Monday that there was no deal yet on an emergency rescue plan for troubled US automakers, amid a dispute with the US Congress on the firms' long-term plans for survival. "We're reviewing draft legislation we received this afternoon and are continuing our discussions with Congress," spokeswoman Dana Perino said in a statement. A senior administration official who requested anonymity said a deal on Monday was unlikely and that the White House and the Democrats who control the US Congress were at odds on the issue of the long-term viability of the Big Three US automakers. However, both sides signaled optimism about reaching a deal to help save the giant manufacturers and the senior official said talks were still ongoing. The proposal calls for a presidential designee, or "car czar" to oversee the restructuring of the Big Three US carmakers, distribute the funds and report to Congress on their progress in achieving "long-term viability," according to a copy of the bill obtain by AFP. Former General Electric boss Jack Welch has been mentioned as a contender for the "car czar" role and Congressional negotiators are reportedly considering an oversight board made up of five cabinet secretaries and the head of the Environmental Protection Agency (EPA). Automakers will have to continue to improve the fuel-efficiency of their fleets and also look into using their excess capacity to build bus and rail cars for public transit. The bill also requires the automakers to sell their private jets, places strict limits on executive compensation. Senate Majority Leader Harry Reid said the blueprint aimed to "give the automakers the chance to clean house and return to a responsible path toward profitability." "The jobs of millions of American workers are at stake, along with the financial security of millions of families. So while we take no satisfaction in loaning taxpayer money to these companies, we know it must be done," he said. General Motors, which had warned it could run out of cash as early as January, urged swift passage of the bill and vowed it will "abide by the conditions proposed in the bill and will continue our restructuring with great urgency." "We have listened to Congress and have put together a restructuring plan that will deliver a stronger, sustainable GM in a quicker timeframe and without the negative market consequences that could result from bankruptcy," GM said in a statement. Obama has urged the auto executives to change their ways or quit, but stressed that bankruptcy was not an option. "If this management team that's currently in place doesn't understand the urgency of the situation and is not willing to make the tough choices and adapt to these new circumstances, then they should go," Obama told a press conference in Chicago on Sunday. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo Ford vehicles at a dealership in Miami, Florida. Democrats proposed a 15 billion dollar bailout packaged for the troubled US auto industry, in a compromise that sources say may still not gain approval from the White House. Most Popular – Top Stories Viewed Financial crisis tipped to cut cost of air travel Climate change: Sci-fi solutions no longer in the margins Oil price falls below $40 Stocks take flight on prospects for anti-recession moves Vinnie Jones gets into bar fight over role in X-Men View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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