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Whtehouse clarifies position: In favor of Automaker loan, just not from TARP

Bruce Nunnally

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White House tweaks position on auto industry help

By STEVEN OHLEMACHER – 32 minutes ago

WASHINGTON (AP) — The White House says it supports aid for struggling automakers, but believes it should not come from the $700 billion financial system rescue fund.

In a statement to reporters on Monday morning, press secretary Dana Perino sought to further explain the White House policy on assistance to the industry. She said that while the administration takes the position the rescue plan does not apply in this instance, it does share the concerns of many that the industry not be allowed to collapse.

Perino said in her statement that the administration wants Congress "to take appropriate action this week to provide assistance" to Detroit. Majority Democrats want to use part of the $700 billion bailout bill for this purpose. Lawmakers are returning Monday for a lame duck session to work on the auto industry issue and reorganize committees for the next session of Congress.


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