Congress, White House Near Agreement on Auto Aid, Frank Says

Congress, White House Near Agreement on Auto Aid, Frank Says

Congress and President George W. Bush are negotiating the final details of a $15 billion measure to rescue domestic automakers without forcing the ouster of their chief executives, House Financial Services Chairman Barney Frank said.

By John Hughes

The measure will likely be approved by Congress and signed into law this week, Frank said on CNBC. About $10 billion more aid may be needed to keep the companies operating through March, and Bush should tap some of the $700 billion financial-rescue package for additional aid, Frank said.

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