Sources say that the White House and Congressional Democrats are close to a deal that will provide the funding to bail out the Big Three U.S. automakers. The taxpayer plan will be directed by a Bush appointee acting as a 'Czar' who will approve all expenditures over $25 million.
In exchange for concessions made on the part of their employees, the United Autoworkers union is hoping to secure a seat on the Board of Directors of General Motors, sources close to the negotiations says.
Obama's transition team has been involved in the talks.
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