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| Version 1 | Version 2 |
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| White House 'agrees' car bail-out | |
| (about 6 hours later) | |
| The White House and leading congressional Democrats have reached agreement on a $15bn (£10bn) bail-out for the "Big Three" US car firms. | |
| Administration officials say the tentative agreement covers key points but details still need clarification. | |
| General Motors and Chrysler say they risk ruin without the aid, while Ford says it may need funds in the future. | General Motors and Chrysler say they risk ruin without the aid, while Ford says it may need funds in the future. |
| US President George W Bush is said to want strict conditions attached to any agreement to bail out the firms. | US President George W Bush is said to want strict conditions attached to any agreement to bail out the firms. |
| He is said to be seeking tough oversight for the three car-makers to ensure that the money is accompanied by sound financial recovery plans. | He is said to be seeking tough oversight for the three car-makers to ensure that the money is accompanied by sound financial recovery plans. |
| This follows criticism that the $700bn bail-out of the financial sector was insufficiently detailed. | This follows criticism that the $700bn bail-out of the financial sector was insufficiently detailed. |
| 'Car Tsar' | 'Car Tsar' |
| Despite the continuing disagreements, analysts expect a deal to be agreed before the end of the week.The bosses of Ford, GM and Chrysler had been seeking more money | Despite the continuing disagreements, analysts expect a deal to be agreed before the end of the week.The bosses of Ford, GM and Chrysler had been seeking more money |
| However, this would then have to be passed by both houses of Congress, before being finally signed off by Mr Bush. | However, this would then have to be passed by both houses of Congress, before being finally signed off by Mr Bush. |
| And with the Democrats only having a majority of one in the current lame-duck Senate, some analysts say the bill may struggle to get through without extensive amendment. | And with the Democrats only having a majority of one in the current lame-duck Senate, some analysts say the bill may struggle to get through without extensive amendment. |
| "We want to complete this as soon as possible," said Harry Reid, Democratic majority leader in the Senate. | "We want to complete this as soon as possible," said Harry Reid, Democratic majority leader in the Senate. |
| "The American people want us to make a decision." | "The American people want us to make a decision." |
| Under the proposal, the government is expected to take non-voting shares in General Motors, Ford and Chrysler. | Under the proposal, the government is expected to take non-voting shares in General Motors, Ford and Chrysler. |
| Also expected is the appointment of a "Car Tsar" to oversee the money. | Also expected is the appointment of a "Car Tsar" to oversee the money. |
| The three firms had been calling for $25bn between them, and their bosses recently went before Congress to push their case. | The three firms had been calling for $25bn between them, and their bosses recently went before Congress to push their case. |
| 'Disappointed' | 'Disappointed' |
| GM, Ford and Chrysler have all seen sales fall sharply this year in their home market. | GM, Ford and Chrysler have all seen sales fall sharply this year in their home market. |
| While this decline reflects an industry-wide fall that has also hit European and Japanese carmakers in the US, the "Big Three" have also been criticised for offering too narrow a range of vehicles. | While this decline reflects an industry-wide fall that has also hit European and Japanese carmakers in the US, the "Big Three" have also been criticised for offering too narrow a range of vehicles. |
| They have been said to be too slow in responding to the growing popularity of smaller, more fuel-efficient vehicles. | They have been said to be too slow in responding to the growing popularity of smaller, more fuel-efficient vehicles. |
| GM admitted on Monday that it had "disappointed" American consumers by letting "our quality fall below industry standards and our designs became lacklustre". | GM admitted on Monday that it had "disappointed" American consumers by letting "our quality fall below industry standards and our designs became lacklustre". |