The Auto Board

[MWM]

11:43 White House turns down auto suppliers' aid request

WSJ reports the Obama administration has turned down a request by auto-parts suppliers for up to $10 billion in new aid, saying that the govt shouldn't further interfere in the industry's contraction. In rejecting the request late last week, the Treasury Department appears to have drawn a line in how much taxpayer money it is willing to spend on saving the U.S. auto industry. The move also indicates that the administration is confident that its multibillion effort to save General Motors Corp. and Chrysler LLC have stabilized the car industry. Neil De Koker, president and chief executive of the Original Equipment Suppliers Association, said Obama adviser Ron Bloom turned down the suppliers' request in a meeting last week. Mr. Bloom and several of his staffers told Mr. De Koker "that consolidation for the industry needs to take place." "'We all recognize that and we don't think that having a general program of assistance to all suppliers would help that, nor is needed at this time,'" Mr. De Koker, in an interview with DJ, recalled them saying.