Bush Administration "Nearing Conclusion" On Auto Bailout

 (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.



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