Reuters reports that despite the fact that General Motors, Ford Motor, and Chrysler requested some $34 billion of federal aid, a deal has been reached between the Democratic leaders and the White House to help the US car industry with a sum totalling between $15 billion and $17 billion.

Democratic leaders and the White House reached a deal to provide billions of dollars in relief to the ailing U.S. auto industry, a senior congressional aide told Reuters on Friday.

The package, which Democratic leaders hope to win passage of next week and send to President George W. Bush, totals between $15 billion and $17 billion, the aide said, speaking on condition of anonymity.

The amount is far less than the $34 billion requested this week by General Motors, Ford Motor, and Chrysler, but Democratic leaders believe the money will keep them going until Barack Obama replaces Bush as president on January 20 and a new effort can be made for a rescue plan.

[Source: Reuters]