WDET News
- Bush: No Federal Bailout For Automakers
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Jul 15, 2008Automotive & BusinessPresident Bush says he will NOT push for any federal bailout of Detroit’s ailing automakers…despite General Motors’ announcement of new cuts in jobs and production.
WDET’s Quinn Klinefelter has more…
With G-M announcing another round of massive restructuring…some analysts have wondered whether the federal government would consider offering the kind of financial infusion that helped keep Chrysler afloat decades ago.
Some analysts say there are no other industries whose stability is so crucial to the nation’s overall economy…than U-S automakers.
But at a White House news conference…President Bush says it is up to Detroit’s Big Three to repair their own financial fortunes.
“Nah…I don’t think the government ought to be involved with bailing out companies. I think the government ought to create the conditions so that companies can survive.”
The President also noted the shift in consumer demand for more fuel efficient vehicles in the wake of skyrocketing gas prices…but says he will not try to mandate any conservation measures.
For its part…a spokesperson for G-M says the company is NOT seeking any kind of government bailout.