Auto Bailout Talks Continuing
Many of you are probably wondering where the auto bailout is. Answer: Not here yet.
After efforts failed in Congress to give the Big Three a lifeline until President-elect Obama takes office, all eyes turned to the White House, which signaled it was willing to use bank bailout funds. Treasury department officials said today that no decisions have been made about how to proceed and that they are still studying information submitted by the auto companies.
Treasury spokeswoman Brookly McLaughlin said department officials are continuing to assess the information they have received from the auto companies. Treasury officials are providing regular briefings to the White House, but she said there was no estimate on when a decision might be made.
“We continue to assess and review the information that we have received from the automakers,” McLaughlin told reporters, AP reports. President Bush today said that short-term government help for the automakers was in the works and could come soon. “We’re now in the process of working with the stakeholders on a way forward,” Bush told reporters as he was returning from a surprise weekend trip to Iraq and Afghanistan. “This will not be a long process because of the economic fragility of the autos.”
Meanwhile, Post reporters following every turn in the story don't expect any bailout news until later this week. So, stand down. For now. And stay tuned.
-- Michael S. Rosenwald
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