Monday, December 15, 2008

President Bush says auto bailout not quite ready

President Bush was en route to visit Afghan President Hamid Karzai and address U.S. troops in Afghanistan when he was asked about the US auto bailout. "We're not quite ready to announce that yet," Bush told reporters on Air Force One. Bush was then asked if the bailout would come from the 700 billion dollar TARP fund and he said, "I signaled that that's a possibility." He also stated that a decision would not take long although spokesperson Dana Perino said there was no timetable for assistance to the Big three.

More quotes from Yahoo News:

"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."

Looks like everyone will have to bite their nails for yet another day.

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