Automakers fret as White House stalls on bailout | The Daily Star
12:00 AM, December 16, 2008 / LAST MODIFIED: 12:00 AM, December 16, 2008

International Business News

Automakers fret as White House stalls on bailout

Faced with the looming threat of bankruptcy, US automakers fretted Monday while White House officials studied the sputtering companies' finances but reported no moves toward a bailout.
President George W. Bush, who has hinted the government could tap a massive federal rescue package to aid the automakers, said on the way from Iraq to Afghanistan that an agreement on how to remedy the carmakers' plight was not imminent.
"We're now in the process of working through with the stakeholders a way forward, and we're not quite ready to announce that yet," he told reporters aboard Air Force One. But he added that "this will not be a long process because of the economic -- the fragility of the autos."
The president's remarks came as lawmakers warned that time was running out for the auto giants, and traded blame with auto union chiefs over the collapse last week in the Senate of a short-term rescue bill.
The Detroit Free Press newspaper reported that the size, scope and timing of any lifeline to the automakers was uncertain.

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