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Progress Reported In Talks On Bailout Legislation

WASHINGTON (AP) – The White House and Congress continue to move toward the finish line on a bailout package for the Big Three automakers.

However, the Bush administration still wants tougher consequences than Democratic leaders are looking for, if carmakers fail to control costs.

White House spokesman Tony Fratto says while moving quickly is a key, “it’s important that we get the policy right.”

Among the ideas included in the $15 billion bill is the creation of a so-called “car czar” who could force the car companies into bankruptcy if they don’t institute enough changes.

The $15 billion bailout package would require that the Big Three reinvent themselves in order to survive – and to pay back the government if it fails.

The package could come to a vote as early as tomorrow.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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