US Congressional leaders have struck a deal on a bill which includes a $15 billion bail-out of the cash-strapped car sector.
The bill is to be put to a House of Representatives vote later tonight. It calls for the appointment of a 'car czar' to oversee the massive plan.
Short-term loans of $15 billion are meant to sustain the car giants until March, allowing president-elect Barack Obama time to address their crisis after he takes office on January 20. Obama has called a collapse of the car industry unacceptable.
GM and Chrysler are first in line after warning they are running out of cash. Ford, though equally hampered by slumping sales, says it faces no immediate liquidity crisis but wants a $9 billion line of credit.
