December 12th, 2008
04:29 PM ET

Bush to Detroit: Not today, but...

Ed Henry | BIO
CNN Senior White House Correspondent

Two senior administration officials now tell CNN the Bush administration will NOT dip into the TARP today in order to bail out the auto industry, but they are leaving the door open to doing it this weekend or next week. "It will definitely not happen today," said one senior official. "We're just collecting information" today.

The officials said that while the administration realizes the situation is serious, they do not want to rush into using the TARP funds and want to carefully evaluate exactly how much money the automakers need, how quickly, and what strings will be attached to the money to try and ensure taxpayers will get a return on those funds.

Filed under: auto bailout • Ed Henry
soundoff (3 Responses)
  1. Jennifer Choate

    The big four reasons on why not to bail out the American auto manufactuers 1. They make lousey cars. 2. The retirement package for their retirees is unbelievable. 3. The union auto workers make more money than a solider on the front line. 4. An American car with 100.000 miles is toast whereas a foreign car would still be new.

    December 12, 2008 at 5:27 pm |
  2. earle,floida

    If the report I heard on sticking points regarding negotiations late last night were labor (pay raises) cost per individuals, and the union said "no wage cuts til 2011",how dare them! Also the fact that Chrysler is a privately held (owned/ no transparency) company,"Cerberus"worth billions of dollars, and expect the taxpayers(bail them out; ie.,that's why they call it a bridge loan) to pay their bills so they collect the profit in good times, and pass the poor basket in bad times to Joe Six-Pack is an insult to the American public inteligence,...just say no! Sound familiar?

    December 12, 2008 at 5:00 pm |
  3. JC- Los Angeles

    I had no idea the Bush regime was still working.

    December 12, 2008 at 4:37 pm |