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A broad agreement has been reached on a US auto bailout and a vote in the House of Representatives could be taken as early as today.

A $15 billion (£10 billion) package is being prepared for the car industry in the US, which faces collapse without federal help.

Officials say the key points have been covered, although there is still some clarification needed on the details.

Lawmakers are keen to attach stringent conditions to the bailout and will appoint a 'car tsar' to oversee how the cash is spent.

It is also thought the heads of the big three carmakers – Ford, General Motors (GM) and Chrysler – may be put under pressure to resign.

Although the Democrat-backed bailout is expected to pass in the House of Representatives, it may be held up in the Senate where the party has a majority of one.

GM, Ford and Chrysler are suffering from an industry-wide slowdown but have also been criticised for failing to meet demand for smaller, more fuel-efficient cars.

Claims of excessive compensation and perks – such as private jets for executives – have also hampered the industry's demands.

Senator Christopher Dodd, the Republican chairman of the committee considering the bailout, said: "The failure of any one of these companies could have catastrophic consequences on our nation's economy which is already mired in a severe recession.

"But if these companies are asking for taxpayer dollars, they must convince Congress that they are going to shape up and change their ways."