President Bush said that he will offer loans from the TARP to cover funding needs for three months or so. The package is meant to mirror the one narrowly defeated in Congress less than two weeks ago.
Bush made it clear the a "disorderly" bankruptcy of the car makers would be too great a blow to the economy. But, he also made it clear to auto executives, the unions, and creditors, that if they cannot come up with reasonable restructuring plans which allow firms, especially GM (GM) and Chrysler, to operate independently, Chapter 11 is a possible outcome.
Douglas A. McIntyre
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