Bush assures automakers aid deal will come soon
WASHINGTON — Detroit automakers got public reassurance this morning from President George W. Bush that short-term government help for the industry is in the works and could come soon.
"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.
White House officials said they did not anticipate announcing funding for the companies today.
General Motors and Chrysler are seeking the funding, while Ford has said it has enough cash to survive 2009.
Last week, Congress failed to approve $14 billion in loans to help the automakers.
