Aides: $15 billion auto bailout finalized - Tri-State News, Weather & Sports

Aides: $15 billion auto bailout finalized

WASHINGTON (AP) - Congressional aides say Democrats and the White House have finalized a deal to offer $15 billion in emergency loans to U.S. auto makers.

The measure would also create a government "car czar" to dole out the loans, with the power to force the carmakers into bankruptcy if they don't restructure their businesses to become more viable.

But the White House is reporting only "very good progress" on the proposed deal -- rather than a final agreement.

And some Republican lawmakers are strongly opposed. Sen. David Vitter of Louisiana vows to filibuster the measure.

He says the package has a backwards approach to curing what ails the U.S. auto industry. His move could delay a final vote for days.

The measure could move to the House floor as soon as today.

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