Agreement reached on $15 billion to help GM and Chrysler

According to officials, the White House and Congressional Democrats reached an agreement Tuesday night on a $15 billion proposal for bailing out the U.S. auto industry forcing them to restructure or go away forever. A Bush administration official said that the outline covered key points but final issues need to be put into writing.

The House of Representatives will vote on the bill as early as Wednesday. After that it will be sent to the Senate for consideration, reports Automotive News.

“Bipartisan hard work has paid off,” Democratic Sen. Carl Levin of Michigan told Reuters. “I understand an agreement has been reached.”

The $15 billion bailout is designed to help GM and Chrysler stall threatened bankruptcy through March. Ford is not requesting immediate help but has asked for access of up to $9 billion if the economy continues to get worse.