Sunday, December 14, 2008

Bush Administration taking time to get it right.

The White House announced Friday that it would give aid to the distressed automakers but is going to take its time in order to get the package just right. They are meeting with the Big Three and trying to determine the amount of the loan as well as stipulations on its use. Look for an announcement on Monday of the details of this bailout.

From Automotive News:

Administration officials were gathering financial information from the automakers and assessing data such as their cash position, said Tony Fratto, a spokesman for President George W. Bush.

"We'll be focused on trying to get the policy right while considering the best interests of the taxpayer and our economy, and we'll take the time we have available to do that right," Fratto said. "No decisions have been made."

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