Agreement reached on $15 billion plan to rescue GM, Chrysler

Agreement reached on $15 billion plan to rescue GM, Chrysler WASHINGTON (Reuters) -- The White House and congressional Democrats on Tuesday night reached an agreement in principle on a $15 billion proposal for bailing out U.S. automakers and forcing them to restructure or fail, officials said. A Bush administration official and a Democratic leadership aide said the outline covered key points but final issues needed to be resolved and put in writing. Democrats have arranged to have the House of Representatives vote on a bill as early as Wednesday and send it to the Senate for consideration. President George W. Bush and President-elect Barack Obama were both urged by a key lawmaker to help rally support by Democrats and Republicans for the pending measure. "Bipartisan hard work has paid off," said Democratic Sen. Carl Levin of Michigan whose home state headquarters General Motors, Ford Motor Co. and Chrysler LLC. "I understand an agreement has been reached," Levin said in a statement. The bailout is designed to allow GM and Chrysler to avert threatened bankruptcy through March with short-term loans. Ford Motor Co. is not requesting immediate help but would like a $9 billion line of credit in case its finances worsen. The parties that negotiated the tentative deal agreed last week that the money would come from an Energy Department fund established in September to help Detroit make more fuel-efficient cars. ... story