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Re: samaelrocks post# 39123

Monday, 11/17/2008 10:47:19 AM

Monday, November 17, 2008 10:47:19 AM

Post# of 72979
The Bush White House stressed Monday that it supports help for the struggling auto industry, but believes it should not be taken from the $700 billion financial system rescue program.

As lawmakers were returning to a lame duck session to focus on the troubled industry, President Bush's chief spokeswoman issued a statement saying the administration "does not want U.S. automakers to fail." Press secretary Dana Perino complained that reporting on the White House's statements on this issue has involved "attempts to shorthand the administration's position."

Perino's early morning statement also made clear, however, that the administration steadfastly opposes drawing funds from the bailout plan to help Detroit. She said the $25 billion that Democrats favor taking from the rescue plan should come, instead, from a Department of Energy program previously approved to develop fuel-efficient vehicles.

Democrats want to use part of the $700 billion Wall Street bailout for emergency loans to help prop up the Big Three carmakers. General Motors Corp., Ford Motor Co. and Chrysler LLC are seeking an infusion of $25 billion, a figure that several Senate Democrats embraced Sunday.

Senate Democrats plan to introduce legislation Monday attaching an auto bailout to a House-passed bill extending unemployment benefits. A vote was expected as early as Wednesday.
http://news.yahoo.com/s/ap/20081117/ap_on_go_pr_wh/congress_returns


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