Tags: automaker | bailout

WH Says It Might Use TARP to Save Detroit

Friday, 12 December 2008 09:28 AM EST

The White House says it is considering using the Wall Street rescue fund to prevent U.S. automakers from failing.

President George W. Bush's press secretary says it would be "irresponsible" to further weaken the economy by letting the Detroit car companies fail. Dana Perino says the White House normally would prefer to let the financial markets determine the companies' fate.

But she says that 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 Wall Street rescue.

Perino says Bush and top aides talked on Friday about the urgency of the situation. A potential $14 billion to aid the companies collapsed in the Senate on Thursday night.

Perino made the remarks as Bush flew to Texas for a commencement speech.

© 2025 Newsmax. All rights reserved.


StreetTalk
The White House says it is considering using the Wall Street rescue fund to prevent U.S. automakers from failing.President George W. Bush's press secretary says it would be "irresponsible" to further weaken the economy by letting the Detroit car companies fail. Dana Perino...
automaker,bailout
138
2008-28-12
Friday, 12 December 2008 09:28 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved