Congress is nearing a vote on a bill that would provide financial aid to the auto industry on the condition that it would restructure, the Associated Press reported.

One of the biggest measures could be President George Bush’s appointment of a “car czar” who would oversee the automakers’ restructuring and could force the companies into bankruptcy if they fail to do enough to stay afloat.

General Motors Corp. and Chrysler LLC are expected to receive immediate short-term assistance as they near the point of running out of cash to cover day-to-day operational expenses. They have said that they would need $14 billion to $15 billion to survive through early 2009. Though Ford Motor Co. supports the bailout plan, it will not ask for short-term assistance because it does not have an emergency cash-flow problem.

The money could come from an existing program meant to encourage carmakers to make more fuel-efficient vehicles.

The legislation would require the companies to reinvent themselves by cutting labor costs, restructuring their debt and downsizing. The czar would have the ability to write guidelines for restructuring that would be due on the first of the year. Automakers also could face restrictions on executive compensation and paying dividends.

United Auto Workers head Ron Gettelfinger indicated that his union might demand an equity stake in General Motors if forced to give up more than it already has.

Any bill could be a tough sell on both sides of Congress as many lawmakers are disappointed with the White House’s use of the $700 billion bailout package.