(Washington, DC) -- The Bush administration is "nearing a conclusion" on a plan to rescue the struggling U.S. auto industry.
White House Press Secretary Dana Perino said President Bush "is not going to a allow a chaotic..disorderly collapse" of GM and Chrysler.
She said, quote, "We are nearing a conclusion (and) narrowing options." Asked if an "orderly bankruptcy" for GM and-or Chrysler is an option that is being discussed, Perino answered "yes." Perino stressed that a collapse of the U.S. auto industry would have "terrible, negative consequences" for the struggling national economy.
Money to rescue the automakers would likely come from the more than $700-billion Wall Street bailout fund that is being administered by the Bush administration.
Legislative efforts to bail out the auto industry collapsed in Congress last week.
(Copyright 2008 by Newsroom Solutions)