Reuters: Auto bailout agreement reached

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WASHINGTON — Reuters news service is reporting that Democratic leaders and the White House have reached a deal to provide billions of dollars in relief to the ailing U.S. auto industry.

Reuters attributed the information to a senior congressional aide who spoke on condition of anonymity, and said the package totals between $15 billion and $17 billion. Democratic leaders hope to win passage of the package next week and send it to President George W. Bush, the aide said.

The amount is far less than the $34 billion requested this week by General Motors, Ford Motor, and Chrysler, but Democratic leaders believe the money will keep them going until Barack Obama replaces Bush as president on Jan. 20 and a new effort can be made for a rescue plan.