The proposed $15 billion bail-out of the 'Big Three' US automakers could be voted on by the House of Representatives as early as today (10th December), reports have suggested.

The rescue package for General Motors (GM), Chrysler and Ford is thought to have been agreed in principle by the White House and senior Congressional Democrats.

However, the bill may struggle to be approved without significant alterations as the Democrats only have a majority of one in the Senate, compared to their comfortable majority in the House of Representatives.

Harry Reid, Democratic majority leader in the Senate, said: "We want to complete this as soon as possible. The American people want us to make a decision."

The three automakers recently appeared before Congress and requested a package worth $34 billion as they attempt to combat rapidly declining sales in the US market so far this year.

However, president George Bush reportedly wants tough conditions applied to the deal to make sure that the money is used to facilitate sound financial recovery plans.

In addition, the government will appoint what is being labelled as a 'Car Tsar' to oversee how the funding is incorporated, while it will also take non-voting shares in the three firms.

Meanwhile, the Wall Street Journal reports that the loan is set to include a measure which would prevent the companies from issuing lawsuits against states which impose tougher emissions regulations on their vehicles.

While the potential move has raised concerns among foreign automakers about one of the 'Big Three' going to the wall, in reality it could provide a boost for the PGM industry, upon which cleaner emissions technology heavily relies.

GM and Chrysler have stated recently that they are in desperate and immediate need of the cash to avoid financial ruin, while Ford has expressed a desire for support in the near future.



Source:

Congress to vote on car bail-out (10/12/08)
http://news.bbc.co.uk/1/hi/business/7774459.stm

UPDATE:Auto Bailout Proposal On Emission Suits Irks Foreign Cos (09/12/08)
http://online.wsj.com/article/BT-CO-20081209-712436.html?mod=crnews