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White House assessing options to aid carmakers

By DEB RIECHMANN, Associated Press Writer

WASHINGTON – The White House weighed its options Saturday for preventing a collapse of the troubled auto industry, once the backbone of the U.S. economy. So far, the only thing certain is that the Bush administration wants to avoid the possibility of a disorderly bankruptcy of any of the Big Three.

General Motors Corp. and Chrysler LLC have said they could run out of cash within weeks without government help.

“Administration officials are continuing to gather financial information from the automakers, assessing the data, their cash position going forward,” White House deputy press secretary Tony Fratto said Saturday. “We’ll take a look at that information, make some judgments and review our options.”

…(Read full article)

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December 14, 2008 - Posted by | Bailout | , , , , , ,

2 Comments »

  1. […] White House assessing options to aid carmakers « America, You … “Administration officials are continuing to gather financial information from the automakers, assessing the data, their cash position going forward,” White House deputy press secretary Tony Fratto said Saturday. … […]

    Pingback by Whitehouse On Best Political Blogs » White House assessing options to aid carmakers « America, You … | December 14, 2008 | Reply

  2. I am tired of all of this money from my taxes going to support failed business. You don’t see us bailing out the likes of every company that is going through bankruptcy… why should the auto industry or financial sector be any different. They made their bed… let them sleep in it.

    Comment by Bill | December 14, 2008 | Reply


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