White House: "Conceptual agreement" Reached on Auto Aid

WASHINGTON, Dec 10, 2008; Reuters reported that The White House said today the Bush administration and congressional leaders had reached a "good conceptual agreement" on a plan to rescue troubled U.S. automakers.

But White House deputy chief of staff Joel Kaplan said there was still "a lot of drafting going on" on Capitol Hill as the parties worked out the final details.

"We made very substantial progress and have a good conceptual agreement," he said. He said a final bill would confront automakers who receive government financing with two possibilities -- "fundamental restructuring or bankruptcy."