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WASHINGTON — A Treasury Department official said Monday that no decisions have been made on what type of support to provide Detroit automakers.
Treasury spokeswoman Brookly McLaughlin said department officials are continuing to assess the information they have received from the auto companies. Treasury officials are providing regular briefings to the White House, but she said there was no estimate on when a decision might be made.
"We continue to assess and review the information that we have received from the automakers," McLaughlin told reporters.
President George W. Bush said Monday that short-term government help for the automakers was in the works and could come soon.
"We're now in the process of working with the stakeholders on a way forward," Bush told reporters on Air Force One as he was returning from a surprise weekend trip to Iraq and Afghanistan.
"This will not be a long process because of the economic fragility of the autos," Bush said.
Officials at the Treasury Department and the White House are considering ways to provide emergency support to General Motors Corp. and Chrysler LLC, both of which have said they could run out of cash within weeks without government help.
Sen. Carl Levin, D-Mich., said Monday that he expects Bush's solution will follow the previous deal reached with congressional leaders.
The deal approved by the House provided loans for Chrysler LLC and General Motors Corp. to help them survive until March 31, but it was blocked by some Republican senators.
At a news conference in Detroit Monday, Levin said he expects GM to get $8 billion and Chrysler $7 billion under the Bush administration's plan, while the Treasury secretary likely would become the "car czar" and oversee restructuring the automakers.
© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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{"commentId":4400432,"authorDomain":"LIAMD"}
That's what chapter 11 is for. They are not going to go out of business they are going to restructure and become competitive. The need to adopt the Japanese business models and the unions need to go pound sand.
We survived the death of the steel industry and we'll survive the restructuringof the automotive market. The government needs to stay out of it and let the free market correct itself. Fear mongering seems to be coming hot and heavy from all sides on this one.
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#1 - Fri Dec 12, 2008 10:39 AM EST{"commentId":4401333,"authorDomain":"jroger05"}
Ron Gettelfinger needs to go. and the UAW needs to get real and see that the world is changing. Free trade is very good for the nation. I am not going to buy another Chrysler product the rest of my life. Junk. I know several people that had Chrysler autos and guess what? just like me, the auto trany went out. had to have it rebuilt. and the engine leaked oil very bad.
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#2 - Fri Dec 12, 2008 11:33 AM EST{"commentId":4402623,"authorDomain":"LIAMD"}
I had similar experience with GM, that's why my last three car/trucks have been Toyota.
The Unions have served there purpose and now only serve to funnel money to the DNC.
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