US govt could approve bailout today

The Bush administration could act as early as today to approve an automaker bailout from its bank rescue fund, with conditions likely to reflect at least those approved by the US House of Representatives last week, key lawmakers and other sources said on Monday (local time).

A Treasury Department official said the agency and auto company executives continued to review financial and other information, and that no decision had been made. The White House is actively involved in the matter, officials said.

House Speaker Nancy Pelosi, a California Democrat, says the administration will likely use part of the $700 billion fund established in October to stabilize the financial services sector, rather than pushing the companies into bankruptcy, as some lawmakers have urged.