White House cool on car bail-out (BBC)

[Eugene]

Source: BBC News

Page last updated at 02:24 GMT,
Tuesday, 9 December 2008

White House cool on car bail-out

The White House has given a cool initial reaction to
a plan by Democrats in Congress for a $15bn (£10bn)
bail-out of the "Big Three" US car firms.

Aides to President George W Bush said the plan did
not give enough assurance that only viable companies
would get longer-term government help.

Under the proposal, the government is expected to
take non-voting shares in General Motors, Ford and
Chrysler.

Also expected is the appointment of a "Car Tsar" to
oversee the money.

Although the White House did not give its immediate
approval to the plan, analysts say an agreement
could be signed into law by the end of the week.

-snip-

Read more: http://news.bbc.co.uk/2/hi/business/7772168.stm