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US senators 'agree' car bail-out No agreement for US car bail-out
(30 minutes later)
Four US senators have reached a bipartisan agreement on a deal to help the struggling US car industry. US politicians have said there is no agreement on a rescue plan to help the crisis-hit "Big Three" carmakers.
No details have been given, but the reported deal follows a request from the chief executives of General Motors, Ford and Chrysler for a $25bn bail-out. The leaders of the two houses of Congress were speaking after four senators had announced agreement on a bipartisan $25bn bail-out package.
They made their case before two congressional committees this week, but so far have come away empty-handed. Instead Ford, GM and Chrysler have been given until 2 December to come up with their own viable recovery plan.
House Speaker Nancy Pelosi warned the car firms that without a plan, they would not get public funding.
Democratic Senate Majority leader Harry Reid said that there was so far no plan to rescue the car industry that could pass through Congress.
Earlier on Thursday, Democratic Senators Carl Levin and Debbie Stabenow, from Michigan, the heart of the US car industry, and Republicans Kit Bond of Missouri and George Voinovich of Ohio said they had a deal, but this did not garner wider support.
The chief executives of General Motors, Ford and Chrysler pleaded for a $25bn bail-out before two congressional committees this week, but came away empty-handed.
The car firms say they risk collapse, which could lead to millions of Americans losing their jobs.The car firms say they risk collapse, which could lead to millions of Americans losing their jobs.
Funding arguments Shares in General Motors soared 27%, while Ford rose 28% on hopes of a deal. Chrysler is privately held.
Carl Levin and Debbie Stabenow, the two Democratic senators from Michigan, the heart of the US car industry, and Republicans Kit Bond of Missouri and George Voinovich of Ohio, are to hold a news conference later on Thursday.
In a joint statement the senators said they would "discuss the details of a bipartisan agreement on a bill to support the auto industry".
Shares in General Motors soared 27%, while Ford rose 28% on news of the compromise bill. Chrysler is privately held.
Democrats have demanded that the White House and the Treasury carve out $25bn in funding from the already-agreed $700bn finance industry bail-out to support the car firms.Democrats have demanded that the White House and the Treasury carve out $25bn in funding from the already-agreed $700bn finance industry bail-out to support the car firms.
However, the White House and many Republicans favour using a $25bn loan programme designed to help the companies develop more fuel-efficient vehicles.However, the White House and many Republicans favour using a $25bn loan programme designed to help the companies develop more fuel-efficient vehicles.
Political hurdles Meanwhile, the United Auto Workers president, Ron Gettelfinger, said on Thursday that politicians needed to take immediate action on a $25bn bridge loan bill to support the US car industry, otherwise he said one or more firms could fail.
Even with a deal among Senate negotiators, the legislation faces hurdles. There would have to be agreement among all 100 senators, which is rare, to allow the bill to come to a quick vote in the Senate.
If that agreement is not reached, the earliest a vote might come is on Saturday and it was unclear if politicians would stay in Washington that long ahead of the Thanksgiving holiday on 27 November.
Added to this, support by Democrats in the House of Representatives would be crucial for passing any compromise.
Meanwhile, the United Auto Workers president, Ron Gettelfinger, has said that politicians needed to take immediate action on a $25bn bridge loan bill to support the US car industry, otherwise he said one or more firms could fail.
Mr Gettelfinger, who testified on Tuesday and Wednesday to congressional committees in support of the loans, said action was needed "now, today".Mr Gettelfinger, who testified on Tuesday and Wednesday to congressional committees in support of the loans, said action was needed "now, today".
He said he was confident that an agreement would be reached.