There appears to be an agreement on a government bailout of the auto industry — sort of.

The White House and congressional Democrats seem to agree on $15 billion in emergency loans to GM, Chrysler and Ford – as long as a federal "car czar" appointed by President Bush would oversee how the money is used. House Speaker Nancy Pelosi, D-CA, has said Paul Volcker would be a good pick. 

AP says officials hope to finalize the deal soon, and schedule House and Senate votes as early as Wednesday. Money could be disbursed to the Big 3 within days.

But Reuters says some sticky issues remain, including a Democratic demand that automakers drop lawsuits against states seeking to reduce tailpipe pollution.

"Still no deal/bill," a Senate Republican leadership aide wrote in an e-mail to Reuters.

"Bill mostly written," said a Democratic leadership aide. "A couple of outstanding issues. More to come" later in the day. 

What is agreed upon, however, is that in return for the money, the car companies would have to negotiate with labor unions, creditors and others and submit plans to the car czar by March 31 on how they will survive and flourish in the near future. If the companies don’t follow through, their money gets yanked and the government reorganizes for them, or orders them into bankruptcy. Some Democrats, like Sen. Chris Dodd, D-CT, want GM CEO Rick Wagoner to step down from his post. GM has asked its white-collar employees to sign a petition of support to send to the Senate.

But not everybody’s on board with the Democrat-White House bailout plan.

The New York Times says it’s unclear if the Bush administration can rally enough Republican support to pass it; in the Senate, any bill needs 60 votes to go anywhere. Some GOP senators opposed to the bailout plan have a news conference at noon Wednesday.

With their [Democrats’] approach, "we open the door to unlimited federal subsidies in the future," said Sen. Mitch McConnell, R-KY.

Auto ally Sen. Carl Levin, D-MI, said, "This gets us to the 20-yard line, but getting over the goal line will take a major effort, particularly in the Senate."