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. Ian Minneapolis, MN

    Bush is a sell-out. He's going against all his initial conservative principles just to save his own legacy. My father is even mad about it, and he actually thought Bush was extremely intelligent not too long ago.

    December 15, 2008 11:00 am at 11:00 am |
  2. obama-mama

    If Bush doesn't know what to do, why don't he just ask Obama and his team for some help....Don't let pride drive this country further into the bottomless pit. It's all about making this country great again.....It may even make Bush look human.

    December 15, 2008 11:05 am at 11:05 am |
  3. Apples for sale

    Guess he has to finish reading 'My Pet Goat" first.He fiddles as the American disaster gets worse,what a great guy.

    December 15, 2008 11:06 am at 11:06 am |
  4. James

    I was watching the news this morning and one of the commentators said “Where were the experts, these last two years?” “Not one of these experts seemed to see this all coming” they said. Well Ron Paul has been screaming this for years..its just the media, Wall Street, and the public haven’t been listening. They still are not listening.
    Why the banks and the auto industry are going to the federal government, who cannot balance their own books, for help is beyond me. If I am short on cash, I’m not going to go to the guy who has maxed out his credit cards and hit him up for money. But it looks like they are getting the money so..another big charge to the credit card. Someday we will have to pay this card down though.

    December 15, 2008 11:06 am at 11:06 am |
  5. AEK

    As President Reagan has always been the hero of the Bush/Cheney/Rove folks, I would not be surprised if GW used this opportunity to break the auto worker's union and other affiliated unions given this opportunity. Remember one of Reagan's first acts as president was to break PATCO and put the flying public in danger for years. Among the work-related issues that PATCO was striking for was also the safety of the air traffic control system as a whole. That system still remains a great concern to air traffic controllers as well as many in the government. Of course another three million out on the unemployment line probably doesn't bother the Republicans at all as long as they're still getting all the sushi they can eat from Toyota and Honda.

    December 15, 2008 11:09 am at 11:09 am |
  6. Republicans must go! Vote them out!

    This is crazy, if the car companies go down, blame it on the rich corrupt rethuglicans.

    December 15, 2008 11:09 am at 11:09 am |
  7. Abyssinian Lion

    Duck Boosh!

    December 15, 2008 11:11 am at 11:11 am |
  8. Betty the maid

    Too bad that shoe was not a brick and too bad the guy missed.
    God, Bush is a moron.

    December 15, 2008 11:12 am at 11:12 am |
  9. the kid

    let the big three go bankrupt..$78.00 per hour and then ask for help

    get lost . the union can make consessions. Just like the rubber industry did and our jobs still went south thanks to Bill Clinton and N A F T A thanks Bill Clinton and the unions all across the country..

    They did nothing to help out the rubber workers pay back time is near.

    December 15, 2008 11:12 am at 11:12 am |
  10. beevee

    Nothing can be gained by keeping the big three in limbo regarding the bailout. May be the president is playing to the tune of the GOP many of whom did not want to help the auto manufacturers in the first place. Why any one wants to make things worse before helping them to get better.

    December 15, 2008 11:16 am at 11:16 am |
  11. Mark

    Let them fail. Toyotas and Hondas are built in the states and they are not asking for any money. Why bail out these 3 anyway? Most of the components used are made out of the country anyway. Let them all die off IMO.

    December 15, 2008 11:17 am at 11:17 am |
  12. ran

    It always comes down to the workers whenever there is a problem. No one ever objected to the CEO making all their money even when laying off workers. You had United Airlines go into chapter 11 dumping their pension plan onto the American people and then once out of chapter 11 not even 1 yr they gave their top people million $ bonus.

    December 15, 2008 11:20 am at 11:20 am |
  13. Mari

    Of course not, Bush is already...... gone.

    December 15, 2008 11:21 am at 11:21 am |
  14. call me crazy

    You people blameing this stuff on the union really don't know what you are talking about!! Nuff said to you no nothing right wing blow hards!

    December 15, 2008 11:24 am at 11:24 am |
  15. purple mountains

    OUR ECONOMY IS ALREADY DEVASTATED!!!

    December 15, 2008 11:24 am at 11:24 am |
  16. AB

    Bush: I'll set a timeline after the other SHOE drops!

    Bush: I feel like a HEEL.

    Bush: Why do I feel like I'm UNDERFOOT?

    Bush: Quit WALKING all over me!

    Bush: Sorry, they're not my SIZE.

    Bush: Hey look, free shoes!

    December 15, 2008 11:25 am at 11:25 am |
  17. JL

    I can not believe the idiots in congress would risk 5 million jobs on trying to bust up a union that has already met all their concessions and then try and blame the union members. Just another attempt to convince the public that the working man doesn't deserve a living wage.

    Remember how John McCain said that raising taxes during a recession will make it worse? Well, asking people to take a paycut during a recession is the same thing and, from what I've read about the great depression, similar to what Hoover did.

    Personally, I think if anyone should take a paycut, it should be AIG employees. Either that, or pay our 150 billion back immediately.

    December 15, 2008 11:26 am at 11:26 am |
  18. John E Lexington KY

    What's the hurry, it's several million jobs, most of them Democrat voters, so if they're homeless they can't vote. Let them eat old tires.

    December 15, 2008 11:26 am at 11:26 am |
  19. Donna

    Would someone please tell me what perks the UAW receives. I always have known the unions, no matter what industry they represent to stand up for the common worker. If it were not for the unions we would still have sweat shops and child slave labor due to the greed of the corporate mongers that run the companies. Unions pushed for safe workplaces and decent wages would that have happened if we relied on the CEO's to be fair to their workers? I don't think so.

    December 15, 2008 11:27 am at 11:27 am |
  20. Roger

    Bush not setting a timeline? How is that news?

    December 15, 2008 11:27 am at 11:27 am |
  21. Matt

    Well, you see, spending $10B per month on an unjustifiable war is what the Republicans consider to be appropriate executive financial decision...AFTER ALL, OUR SOLDIERS AREN'T UNIONIZED SO THEY CAN BE ABUSED AT WILL.

    December 15, 2008 11:27 am at 11:27 am |
  22. Damon

    We need to bail the American people out . If you are going to bail out the Auto Industry. Where are the funds going to come from? If we borrow the money, how are we going to pay it back? We are going to be deeper in debt. It just does'nt make any sense. Let the Auto makers do like any average citizen would do in this situation. FILE BANKRUPTCY.

    December 15, 2008 11:28 am at 11:28 am |
  23. Bob

    I am waiting for the other shoe to drop. Maybe now Bush will figure out that we are not welcomed in Iraq. This guy is densed.

    December 15, 2008 11:30 am at 11:30 am |
  24. linda in AR

    Talk about unfit to do the business of his office...

    He will let millions of Americans face further economic devastation as severe cold weather blankets America.

    Such a little Shrub...and if he had the welfare of our troops at heart and his stated mission of winning the hearts and minds of Iraqis, he would give an immediate Presidential pardon to the Iraqi reporter who threw the shoes.

    December 15, 2008 11:30 am at 11:30 am |
  25. RinFL

    LIP.......................Have you actually kept up on what is going on? Really I do not have to ask as the ignorance in your post betrays you. If you are going to get your news from AM radio only you will be doomed to misinformation. Because you posted here It appears that you can use the internet so if you beleive in your post report back with links to back up what you say, or actually be more specific in stating what the "lush perks" are.

    December 15, 2008 11:32 am at 11:32 am |
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