December 15th, 2008
09:35 AM ET
11 years ago

Bush doesn't set auto bailout timeline

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/images/12/15/art.bush1.gi.jpg caption="President Bush may use money from the Treasury program in hopes of avoiding the bankruptcy of U.S. automakers."]NEW YORK (CNNMoney.com) - President Bush said Monday he might use money from the Treasury program to aid financial services companies in order to avoid the bankruptcy of U.S. automakers, but he would not provide a timeline.

In an interview with reporters on Air Force One en route to Afghanistan, Bush said that "an abrupt bankruptcy for the autos could be devastating for the economy."

When asked if he would use any of the $700 billion from Treasury's Troubled Asset Recovery Program (TARP) that has been earmarked for Wall Street to make a loan to automakers, he replied, "I signaled that that's a possibility."

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Filed under: President Bush
soundoff (127 Responses)
  1. Matt

    Yeah, he's not so good with that whacky "timeline" stuff...

    December 15, 2008 10:25 am at 10:25 am |
  2. Former Republican

    Republicans are losers! They want to arrest stupid kids for petty crimes, while the real criminals in bank, board rooms and politics go free. Absolutely sickening how these people legally steal from people and run the economy in the ground.

    December 15, 2008 10:25 am at 10:25 am |
  3. BB

    It's your tainted legacy, W. No matter what you do it won't improve what people think of you. Just go away without causing any more harm.

    December 15, 2008 10:27 am at 10:27 am |
  4. ET from Omaha

    Maybe he should go to detroit for another press conference to explain his position. Poor Bush i feel sorry for him.

    .

    December 15, 2008 10:27 am at 10:27 am |
  5. Jack Jodell, Minneapolis, MN

    Why don't you just get out of the way, George, and let a REAL President like Obama fix this? I CAN'T WAIT!!!!

    December 15, 2008 10:28 am at 10:28 am |
  6. MD

    NO BAILOUT.

    December 15, 2008 10:29 am at 10:29 am |
  7. LIP

    Maybe, just maybe if the UAW gave up more than just pay cuts, someone would be willing to listen to their pleas for help. It's really hard for anyone to take them seriously if they don't step up to the line like everyone else is willing to do and give up some of those numerous lush perks they receive.

    December 15, 2008 10:30 am at 10:30 am |
  8. Ray Fisher

    The unions are the holdup to the auto bailout. The Republicans do not like unions and are balking at bailing and the Dems are caught in the middle as we can't afford to lose the jobs yet only the foreign owned automakers are non-union. The time may have come to bust the unions forever else lose our automakers forever. A terrible conundrum for certain!!!

    December 15, 2008 10:30 am at 10:30 am |
  9. Fenarkleman

    When will the other "shoe" fall? Ha! Hey, it's no worse than every hack-job news writer and half-wit so-called "talent" TV news anchor using annoying car puns every time a story about the auto industry comes up. Stick that in your corn cob pipe and smoke it, Droopy.

    December 15, 2008 10:30 am at 10:30 am |
  10. yellow dog democrat

    a yo-yo playing the "YO-YO" game???

    December 15, 2008 10:31 am at 10:31 am |
  11. Open-ended to the end

    Does Pres. Bush have something against timelines?

    December 15, 2008 10:32 am at 10:32 am |
  12. facts are facts

    Likely the Republicans intend to let the domestic automakers go under just to break the union. Although my first reaction is to think this will end up putting America into a great depression and devastate the country there might be a silver lining in this cloud.

    If the automakers do go under the job loss estimate of 3 million will likely be low as many more small businesses will not survive without people to buy their goods and services so the end result will likely wipe out the Republican Party for good which could be a god send for the country in the long run.

    December 15, 2008 10:33 am at 10:33 am |
  13. Michael "C" Lorton, Virginia

    Interesting; they are throwing shoes at Bush and the auto industry wants Bush to throw "money" at them--

    December 15, 2008 10:39 am at 10:39 am |
  14. S.B. Stein E.B. NJ

    He won't do anything. He'll wait so long that it won't get done until Obama get into office. He really doesn't understand what is going on with the car companies.

    December 15, 2008 10:42 am at 10:42 am |
  15. ObamaIsWayBetterThanBush

    I have a whole closet full of shoes that I would like to throw at Bush.

    December 15, 2008 10:44 am at 10:44 am |
  16. Lisa V

    Anyone still thinking not bailing out the auto industry was a good idea? When I am out on the road, I see tons of SUVs, pickup trucks, etc. Most of these are American made and were purchased by the very people now criticizing the American auto industry. There is an interesting irony here. Has anyone thought about how hard or expensive it will be to get their big American car fixed, if all the places that makes these parts, etc. go under? If you thought not getting a good deal on a trade in was bad when gas was $4 a gallon, just wait.

    December 15, 2008 10:44 am at 10:44 am |
  17. Dotty Helms, WI

    It amazes me that this goverment can find itself 10 billion dollars in debt and then look down its nose at the auto industry and deny these hard working people vital jobs. Republicans are the SCUM of the earth.

    December 15, 2008 10:48 am at 10:48 am |
  18. G.R.I.T.S. - Girl Raised in the South

    That's because he does not understand the definition of ASAP. Besides, he's too busy leaving the country and having shoes thrown at him to be able to worrry about our economy and the fates of millions of American workers.

    On another note, since you didn't open some of the other stories for posts, McCain won't say if he will support Palin for President? But he already did when he nominated her as his vice presidential running mate. Then he supported her for president if anything happened to him. What a way to back track big guy!

    December 15, 2008 10:49 am at 10:49 am |
  19. AJ

    There should be no bailout. The big three along with the UAM have been running fiscally unsound business for years. Now it's time to pay the piper.

    December 15, 2008 10:50 am at 10:50 am |
  20. Michael, Houston Texas

    Yes we know how you hate time lines President Bush. Do you know what the American people hate? Other than you, we hate that you are trying to bail out rich guys again. I guess the POTUS does not watch C-SPAN because if he did he would not be willing to write another blank check to Wall Street. The little 3 want to continue wasting money instead of reorganizing their comapnies and focus on making products that we want to buy. I got the perfect solution for the auto industry, DROP THE PRICES OF YOUR VEHICLES! Come on, if GM came out and said H3's were going for 20,000.00, there would be on in every driveway but noooooooooooooooo, you want to continue to try to sell these gas guzzling, overpriced pieces of crap to us at ridiculous prices.

    December 15, 2008 10:50 am at 10:50 am |
  21. Dr. Stoner

    Bushanomics has been devistating to the economy, I hope the rich that got the tax cuts are enjoying the contempt we now have for the moronic greed GW brought us all. Like him in busness they got their money up frount in 2000, thats the reason we are in the crapper now. No more Bushwackers in office FOREVER MORE !!!!

    December 15, 2008 10:57 am at 10:57 am |
  22. Bruce

    He has no clue, I am sure he is trying to figure out how to not anything but not let them fold. he is only thinking about his legacy at this point.
    He has no desire to govern.

    December 15, 2008 10:57 am at 10:57 am |
  23. Will, NJ

    Is that how he got through Yale? Told the professors that he wasn't going to have a timeline?

    December 15, 2008 10:58 am at 10:58 am |
  24. Kevin - Albany, NY

    No, because setting a timeline would embolden our enemies.

    December 15, 2008 10:58 am at 10:58 am |
  25. Mesa Mick

    Like those Hooverite plantation repuglicons Bush is a Union buster also!

    December 15, 2008 11:00 am at 11:00 am |
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