Bush: Automakers ‘may not survive’

President Bush on Friday said he is worried about giving
taxpayer money to car companies that “may not survive.”

“I am concerned about the viability of the automobile
companies. I’m concerned about those who work for the automobile companies and
their families,” Bush said from the White House, reacting to a November jobs
report that showed payrolls had been slashed by 533,000 last month.

{mosads}“And, likewise, I am concerned about taxpayer money being
provided to those companies that may not survive,” Bush added, noting that his
administration put out a plan “that uses money that Congress appropriated last
fall for the auto industry, money that can be used so long as the companies
make hard choices on all aspects of their business to prove that they can not
only survive, but thrive.”

Bush urged Congress to pass his plan next week. However,
Democratic leaders want money for loans to the Big Three to come from the $700
billion bailout package signed into law in October.

The president said the job losses reflect “the fact that
our economy is in a recession.”

Bush added that measures taken by the federal government
have begun to thaw the market and allow credit to move again.

“I am confident that the steps we’re taking will help fix
the problems in our economy and return it to strength,” he stated. “My
administration is committed to ensuring that our economy succeeds. And I know
the incoming administration shares the same commitment.”