Dec 8, 11:30 AM EST
White House says auto deal is 'very likely' By JULIE HIRSCHFELD DAVIS Associated Press Writer | |
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 AP Photo/Manuel Balce Ceneta |
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WASHINGTON (AP) -- The White House said Monday that it was "very likely" to reach a deal with Congress to help failing U.S. automakers but warned that Democratic lawmakers need to quickly provide their specific proposal.
"It sounds like we have agreement on those basic principles that would be required for a bill that the president could sign," White House press secretary Dana Perino told reporters.
Asked if the deal could happen as early as Monday, Perino said, "I think it's very likely." Yet, she said that if Congress expects to hold an initial vote on Tuesday, "it seems pretty soon if we haven't seen the language yet."
House and Senate aides were putting the finishing touches on a proposal that would draw emergency aid from an existing loan program meant to help the automakers build fuel-efficient vehicles. The size of the package hasn't been finalized, but it is expected to be between $14 billion and $17 billion.
It would create a presidentially named overseer charged with running a broad auto industry restructuring, with the power to require immediate payback of the emergency loans early next year if the companies fail to take the steps necessary to overhaul themselves. It could also include a Cabinet-level oversight board composed of the heads of the departments of Treasury, Energy, Labor, Commerce and Transportation and the Environmental Protection Agency. Congressional aides outlined the emerging measure on condition of anonymity because it is not yet completed.