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Cars Blog

Detroit automakers await deal on auto loans

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December 15, 2008 10:04 am
By Peter C. T. Elsworth

ABOARD AIR FORCE ONE -- Detroit automakers got public reassurance Monday from President George W. Bush that short-term government help for the industry is in the works and could come soon, according to The Associated Press.

"An abrupt bankruptcy for autos could be devastating for the economy," Bush told reporters aboard Air Force One during an unannounced trip to Iraq and Afghanistan. "We're now in the process of working with the stakeholders on a way forward. We're not quite ready to announce that yet."

Bush wouldn't give a precise timetable but said, "This will not be a long process because of the economic fragility of the autos."

The Bush administration is considering ways of providing emergency aid to General Motors and Chrysler, which have said they could run out of cash within weeks without help from the government.


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