Democrats send auto rescue bill to White House

  Democratic leaders sent the White House a $15 billion bill to rescue the domestic auto industry on Monday, a proposal that requires long-term restructuring plans and other concessions from the Big Three in exchange for a federal lifeline.

  The agreement could give the U.S. government an ownership stake in the auto industry, according to a report in the online edition of The Wall Street Journal. Under terms of the draft bill, the government would receive warrants for stock “in any company seeking aid equivalent to at least 20% of the loans it receives,” the Journal reported.

  In addition, the draft bill would create a “car czar” to be named by the White House charged with running a broad restructuring of the industry, and force General Motors Corp., Ford Motor Co. and Chrysler to submit far-reaching business viability plans to the White House’s designee by March 31.

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