US government could have a bailout plan in place within seven days
19 March 2009

The US government's bailout plan for General Motors and Chrysler may be ready as early as next week.

Two Michigan members of the House of Representatives, Sander Levin and Candice Miller, said yesterday that the US government’s auto task force could have a report prepared before the end of March, spelling out the government’s role in turning around the two ailing car makers.

“It won’t be the final step” Levin told the Reuters news agency, “but something significant.”

The task force panel is also said to be close to reaching a deal to help components suppliers to the US car industry.

The supply industry’s revenue has been severely hit by the slump in demand for new cars, and the industry has asked for $18.5bn (£13 billion) in financial aid, separate to the $16bn (£11 billion)requested by GM and the $5bn (£3.5 billion) that Chrysler has asked for.

Matt Rigby

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