The White House said on Monday that it was "very likely" to reach a deal with Congress to bail out the crippled American auto industry from bankruptcy.

"Our concern right now is on the process," White House Spokeswoman Dana Perino told reporters in the morning.

She said she saw no reason an agreement on a rescue plan could not be reached quickly.

"I think it's very likely," said Perino. "It sounds like we have agreement on those basic principles that would be required for a bill that the president could sign."

"From our discussion this weekend, you know, indications are that the legislation is moving more towards what the president could support," said the spokeswoman, referring to the discussion between the White House and the Congress.

The proposal, expected to provide US$15 billion to fund the Detroit auto Big Three, would establish a six-member auto board of Cabinet officials and a chairman to be appointed by the Bush administration, to oversee the operations of the companies.

The money would be drawn from an existing loan program meant to help the Detroit Three retool to meet higher fuel-economy standards.

If the companies take the cash, they would be accountable to the government for nearly every move, and for every transaction of US$25 million or more.

(Xinhua News Agency December 9, 2008)