The White House said on Monday that it was very likely to reach a deal with Congress to help failing United States automakers but warned that Democratic lawmakers need to quickly provide their specific proposal.

"It sounds like we have agreement on those basic principles that would be required for a bill that the president could sign," White House press secretary Dana Perino told reporters.

Asked if the deal could happen as early as Monday, Perino said, "I think it's very likely." Yet, she said that if Congress expects to hold an initial vote on Tuesday, "it seems pretty soon if we haven't seen the language yet."

House and Senate aides were putting the finishing touches on a proposal that would draw emergency aid from an existing loan program meant to help the automakers build fuel-efficient vehicles.

The size of the package has not been finalised, but it is expected to be between US$14 billion and US$17 billion. It would create a presidentially named overseer charged with running a broad auto industry restructuring, with the power to require immediate payback of the emergency loans early next year if the companies fail to take the steps necessary to overhaul themselves.