Bush: Auto Bailout Still on the Menu

Thanks to the power of the international dateline, tomorrow's news today:

President George W. Bush said on Monday an announcement on a auto industry rescue was not imminent, leaving the industry's fate clouded in uncertainty for a little longer.

"We're not quite ready to announce that yet," Bush told reporters on Air Force One during a flight from Baghdad on an unannounced visit to Afghanistan.

He had been asked when he might make an anticipated announcement about tapping a $700 billion financial industry bailout fund to aid General Motors Corp, Ford Motor Co and Chrysler LLC.

Asked whether he was leaning toward using financial bailout funds, Bush said: "I signaled that that's a possibility."

Bush said a decision would not take long. White House spokeswoman Dana Perino said earlier that she had no timetable for a decision.

Boy, it sure would be nice if we could just tell the auto companies to "prepare themselves." As long as Congress and the President keep stringing them along, they have no reason to begin the work necessary to file for bankruptcy. I'd like to say that they are putting off the inevitable, but there's no telling what President Obama with the help of a new Congress will do in January.

posted by Gabriel Malor at 11:26 PM

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