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White House: We're Still Working On Auto Bailout

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Dec 16, 2008 9:33 am US/Central

White House: We're Still Working On Auto Bailout

Timeline: U.S. Credit Crunch & Financial Failures

WASHINGTON (AP) ―

Click to enlarge 1 of 1: Chairman and CEO of General Motors Richard Wagoner, United Auto Workers President Ron Gettelfinger and President and CEO of the Ford Motor Company Alan Mulally testify before the Senate Banking, Housing and Urban Affairs Committee on Dec. 4, 2008.
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The White House says the Bush administration is still working on details of a rescue package for domestic automakers.

While a key senator says the relief package could reach $15 billion for General Motors and Chrysler, White House press secretary Dana Perino said Tuesday the package is still being finalized.

She said the goal was still to try to prevent a "disorderly bankruptcy."

President George W. Bush said earlier that a bankruptcy in the U.S. auto industry would hurt the economy while the U.S. deals with the recession. GM and Chrysler have said they could run out of cash within weeks without support from the government.