After wrangling over the weekend, a plan to bail out the U.S. auto industry appears on its way to the White House.

Dow Jones, citing a senior congressional aid, reported the rescue plan is on its way for the Bush Administration to review. The plan could mean General Motors (GM) Ford (F) and Chrysler’s chief executives won’t be ousted, as some have been calling for.

The Wall Street Journal, citing a senior congressional aide, reported Monday that instead of the three car maker’s CEOs getting pushed out, the companies may be required to hire a separate chairman to oversee management. The plan is focused on GM, which is more likely to file for bankruptcy than competitors Ford and Chrysler.

According to the Wall Street Journal, a plan being worked on to lend the car makers $15 billion would resemble the $700 billion bank rescue plan, which limits executive compensation. For the auto makers, pay would also be limited at the middle manager level as well. The car makers would give the government equity warrants so taxpayers could benefit if their stocks increase.

The Wall Street Journal is also reporting that the United Auto Workers union is seeking a seat on GM’s board and that it wants an equity stake in GM.

White House and Democratic congressional negotiators were working Sunday night to finalize the emergency loan program that would also require the companies to submit comprehensive restructuring plans to the government by March 31 and would subject each company to extensive government oversight in exchange for the help, a source close to the discussions told FOX Business.

The plan would provide up to $15 billion in loans to the companies from a previously-approved $25 billion plant retooling lending program managed by the Department of Energy. If negotiators are successful on agreeing to terms, the plan would be submitted for a vote in Congress and signed by President Bush this week. The companies would receive the government funds by De.15. Supporters fear at least one of the auto makers could be forced to file for bankruptcy by the end of the month without the government’s support.

“This would be a bridge, not a bailout,” to give the companies time to cut costs and execute new business plans, said Sen. Christopher Dodd [D-Conn.], chairman of the Senate Banking Committee, on CBS’s “Face the Nation” this morning. He did not provide details of the negotiations. “I’m working all weekend, have been working all day yesterday, will today, talking with Republicans and Democrats,” Dodd said.

The source close to the discussions said the legislation is tentatively titled the “Auto Industry Restructuring Act.” Negotiators were considering provisions that would allow the loans to remain in place long term – for five years at 5% interest and at 9% interest beyond five years – to give auto companies more flexibility in repaying them, the source said. But the bump up in the interest rate would give the companies strong incentives to repay the loans quickly. Other provisions would give the government equity in the companies, most likely preferred shares.

Tentative provisions would also create a seven-member oversight board; a special inspector general to monitor the companies, and additional oversight by the government’s Government Accountability Office [GAO]. If the companies failed to submit detailed reorganization plans by March 31, they would be considered in default of the government loans, the source said. It was not clear what penalties they would face in default.

In testimony to Congress last week, the chief executives of the companies said they would collectively need $34 billion in government loans to help them weather the current economic downturn.

Providing $15 billion in initial assistance is “a lot better than they were talking about earlier, when the automobile makers wanted $34 billion,” Sen. Jeff Sessions [R-Ala.] told “Face the Nation.” “Now we’re talking about $15 billion, and it’s coming out of the money that’s already been appropriated, so I think the chances of passage are better.”

The auto companies have been seeking up to $50 billion in total government loans--$25 billion from the Energy Department retooling program, which Congress approved last year as part of a mandate to increase auto mileage standards, and most recently $25 billion in short-term government bridge loans. The Bush Administration refused to agree to the second pool of loans, however, arguing Congress could approve changes to the first program to get cash to the companies quickly. After resisting White House pressure on that course for several weeks, House Democratic leaders agreed Friday to take that approach, paving the way for final negotiations this weekend on the emergency measures.