WASHINGTON — Congress and President George W. Bush are close to a deal that would approve a $15 billion bailout plan for the troubled automotive industry, the White House said yesterday.
The two sides were expected to have a proposal by late Monday that would allow Chrysler, Ford Motor Co., and General Motors Corp. to receive loans by Dec. 15. The legislation would have to be approved by the House of Representatives before the president signs it into law.
Under the plan, the three automakers would have to show by March 31 that they have a viable, long-term plan before receiving any further money from Congress. The legislation would also establish an adviser to oversee the use of the government money and to verify that the three automakers are working toward long-term stability and viability.
The adviser would also coordinate a long-term plan with Detroit after the Big 3 have received assistance. If the adviser finds the companies are living up to their obligations, the three domestic car companies could receive further financial help.