There remains a danger, however, that compromise will produce a clunker of a bill-one that does little to slow climate change, little to revive the old economy and little to boost a new one.

Other measures discussed, such as introducing a car-scrapping subsidy, supporting workers on short time and improving car companies' access to finance, have reached no conclusion.

American demand will rise only slightly, if at all. With the housing market still in the doldrums and cash-for-clunker subsidies at an end, consumers will be wary about buying big-ticket items.