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UPDATED: December 9, 2008
U.S. Congressional Democrats Send White House Auto Bailout Plan
The White House will review the plan

U.S. Congressional Democrats on Monday sent the White House the draft of a multi-billion dollar plan to bail out the crippled American auto industry from bankruptcy.

The White House will review the plan, whose details remain undisclosed.

Earlier on Monday, White House Spokeswoman Dana Perino said that it was "very likely" for the White House and the Congress to reach a deal, adding that she saw no reason an agreement on a rescue plan could not be reached quickly.

"I think it's very likely," said Perino. "It sounds like we have agreement on those basic principles that would be required for a bill that the president could sign."

"From our discussion this weekend, you know, indications are that the legislation is moving more towards what the president could support," said the spokeswoman, referring to the discussion between the White House and the Congress.

The proposal is expected to provide up to 15 billion dollars of loans for the Detroit Three. But if the companies take the cash, they would have to be accountable to the government for nearly every move. The Congress and administration would also install some overseers to monitor a major auto industry restructuring that aims at innovation and viability.

Talks between the Congress and the Bush administration continued over the weekend, and some lawmakers hope to put the draft bill to a vote within this week.

(Xinhua News Agency December 9, 2008)

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