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Bush administration considering new ways to help carmakers |
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10:00, December 13, 2008 |
The U.S. government is considering using the 700 billion dollar Wall Street rescue fund to prevent U.S. automakers from failing, the Associated Press reported Friday.
U.S. President George W. Bush's press secretary Dana Perino said that it would be "irresponsible" to further weaken the economy by letting the Big Three automakers fail.
Perino said that the White House normally would prefer to let the financial markets determine the companies' fate.
But given the economy's shape, the White House will consider other options if necessary to prevent the automakers' collapse _ and that could mean using money from the 700 billion dollar Wall Street rescue.
Perino made the remarks as Bush flew to Texas for a commencement speech, according to the AP.
A potential 14 billion dollars to aid the automakers collapsed in the Senate on Thursday night after the United Auto Workers refused to accede to Republican demands for swift wage cuts.
Source:Xinhua
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