VIDEO:  Auto industry could have bailout deal soon

A 15 billion dollar bailout of Chrysler and General Motors looks closer.

A Senate vote could come this Tuesday evening or Wednesday but opposition to the plan is growing.

Congressional leaders say they could finalize their bailout plan soon but that does not mean it will pass.

Ford now says it does not need federal help,

But an emergency plan to loan 15 billion dollars to General Motors and Chrysler is near agreement.

“Don’t think we can afford not trying to see at least if these companies and their employees can be saved,“ said Democratic Senator Chris Dodd of Connecticut.

“We would hope that we can complete work on this Detroit situation tonight or tomorrow,“ said Senate Majority Leader Harry Reid of Nevada.

But senate opponents are threatening a filibuster

“Several of us will be looking at possibly blocking this package,“ said Republican Senator John Ensign of Nevada.

Everyone agrees if there is a bailout it’ll be overseen by a car czar named by President Bush maybe in cooperation with President Elect Obama.

Tuesday’s dispute was over how far the czar can go to force the car companies to go green and cuts wages and salaries

“We should demand that management make the tough choices that are required for long-term viability, said Senate Minority Leader Mitch McConnell of Kentucky.

But GM Vice President Bob Lutz, paid 1.5 million dollars, is already pushing back.

“Our compensation I will tell you among industrial or especially financial America is way, way, way at the low end,“ said Lutz.

And Lutz is warning that GM will need more bailout billions next year.

Critics are warning Congress to say no

“And if you give them the cash (they’ll do what they have to do to get it from you) and you’ll find they’ll be back over and over again. This is gonna cost you hundreds of millions of dollars. Get ready for it,” said Peter Morici of the University of Maryland.

The latest polls show the public split on a bailout and negotiations are still underway.

And if some senators don’t buy the final deal they can block a vote on this 1st half of the auto bailout.