White House voices concern over bailout plan

The Bush administration and congressional Democrats have made a tentative agreement for a $15 billion emergency loan for the Detroit 3, but there remains concern in the White House that the carmakers may still not survive. President George W. Bush has reportedly questioned the ability of the carmakers to remain viable, prompting a meeting between White House aides and Democratic staffers.

The White House is essentially seeking greater assurances that the carmakers will be able to restructure and become viable in the new year, which means that they will have to be able to compete successfully with foreign rivals. "Viability means that all aspects of the companies need to be re-examined to make sure that they can survive in the long term," Bush said in an interview with ABC News' Nightline.

The Democrats responded by emphasizing that the bailout package will come with a number of conditions, which may include the appointment of a ‘car czar’ to oversee the industry and make sure the carmakers stick to any proposed conditions. Senate Majority Leader Harry Reid also pointed out that the rescue package is “no blank check or blank hope,” and that it may potentially save more 350,000 jobs directly and millions of others that depend on the industry.

Both sides are still in negotiations and are hopeful of a deal.