America, You Asked For It!

Political News and Commentary from the Right

White House: No immediate deal on auto loans

Assoicated Press

WASHINGTON – The Bush administration tossed out no lifeline for the teetering auto industry Sunday and a Republican who blocked $14 billion in loans said it appeared the White House hadn’t decided what to do.

With President George W. Bush on an unannounced trip to Iraq, White House officials said they did not expected to make an announcement either Sunday or Monday.

The administration is considering ways to provide emergency aid to General Motors Corp. and Chrysler LLC, which have said they could run out of cash within weeks without federal aid.

Sen. Bob Corker, R-Tenn., said he spoke with the White House early Sunday. “I don’t think they yet know what they’re going to do,” he said. Ron Gettelfinger, the president of the United Auto Workers, said the union had not held discussions with the White House.

…(Read full article)

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

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