House and Senate aides are hammering out legislation that would dole out billions to automakers within a week.

But a congressional aide said the measure would yank back the money if a government-run board and overseer named by President George W. Bush decides the companies aren't doing enough to overhaul themselves.

The plan would draw the emergency aid from an existing loan program meant to help the automakers build fuel-efficient vehicles.

The size of the package isn't final, but several congressional aides say it's expected to be about $15 billion.

In return for the money, the carmakers would have to agree to limit their top executives' pay packages, cease paying dividends, give the government a chunk of future gains and guarantee that taxpayers would be reimbursed before any other shareholders.

Dodd Calls For Chrysler Merger, New CEO At GM

A key senator said the nation's car companies should have to replace top executives in exchange for a long-term bailout package from Congress.

Obama | Shelby

Sen. Chris Dodd heads the Senate Banking Committee. He said he is hopeful Congress will pass a short-term $15 billion aid package for the automakers in the next several days. But the Connecticut Democrat said the companies should have to restructure if they want a more significant bailout from Congress next year.

Dodd said the companies need quick cash to avoid collapse in the next several weeks. But over the long-term, Dodd said Chrysler probably ought to merge with another company and General Motors should be required to replace chief executive Rick Wagoner.

Dodd said Ford is the healthiest of the Big Three U.S. automakers.

Dodd appeared Sunday on CBS' "Face the Nation."

Obama Calls For Change

Later Sunday, President-elect Barack Obama said Congress is doing the right thing by asking for changes in the auto industry in exchange for federal assistance.

He said the collapse of the industry is unacceptable, particularly at a time of economic turmoil and job losses across the country.

He said at a Chicago news conference that it doesn't make sense "to shovel more money into the problem" without evidence the industry is committed to restructuring.

Sen. Richard Shelby, R-Ala., ranking member of the Senate Banking Committee, threatened to filibuster any auto bailout deal that reaches the Senate floor during the next week, CBS News reported. During an appearance on "Fox News Sunday," Shelby called a Big Three bailout "a bridge loan to nowhere."

"We would like to save them, but they've got to save themselves, but I don't believe they're willing to save themselves because they could be restructured the right way and they're not willing to do that," Shelby said on Fox.