Premium Link
Upgrade
WASHINGTON – Under mounting pressure to act, the Bush administration said Friday it was ready to step in and prevent the U.S. auto industry from collapsing after the Senate refused to pass a rescue bill endorsed by the White House and congressional Democrats. The most obvious source of help was the Wall Street bailout fund.
"The current weakened state of the economy is such that it could not withstand a body blow like a disorderly bankruptcy in the auto industry," White House press secretary Dana Perino said.
Treasury spokeswoman Brookly McLaughlin said, "Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry."
The Wall Street bailout fund was one of the few remaining options for General Motors Corp. and Chrysler LLC, which have said they could run out of cash within weeks. President George W. Bush had originally refused to use the bailout fund to help the automakers, insisting that help come from Congress. But the White House said it must reconsider after the Senate failed to agree on a $14 billion rescue plan.
"Congress spoke last night. They don't have the votes to do anything," Perino told reporters on Air ***** One as Bush traveled to a commencement speech in Texas. "They didn't get it over the goal line and so we have to consider what other options we would take." She declined to say when a decision would be made."
The republican senators who opposed this are off the deep end IMO.The collapse of the auto industry would plunge this already weak economy into dire straits.Glad to see and give him credit that Bush see's that.Hopefully the people in those states many of which have auto plants in them of these republican senators do not forget their votes.
WASHINGTON – Under mounting pressure to act, the Bush administration said Friday it was ready to step in and prevent the U.S. auto industry from collapsing after the Senate refused to pass a rescue bill endorsed by the White House and congressional Democrats. The most obvious source of help was the Wall Street bailout fund.
"The current weakened state of the economy is such that it could not withstand a body blow like a disorderly bankruptcy in the auto industry," White House press secretary Dana Perino said.
Treasury spokeswoman Brookly McLaughlin said, "Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry."
The Wall Street bailout fund was one of the few remaining options for General Motors Corp. and Chrysler LLC, which have said they could run out of cash within weeks. President George W. Bush had originally refused to use the bailout fund to help the automakers, insisting that help come from Congress. But the White House said it must reconsider after the Senate failed to agree on a $14 billion rescue plan.
"Congress spoke last night. They don't have the votes to do anything," Perino told reporters on Air ***** One as Bush traveled to a commencement speech in Texas. "They didn't get it over the goal line and so we have to consider what other options we would take." She declined to say when a decision would be made."
The republican senators who opposed this are off the deep end IMO.The collapse of the auto industry would plunge this already weak economy into dire straits.Glad to see and give him credit that Bush see's that.Hopefully the people in those states many of which have auto plants in them of these republican senators do not forget their votes.
