Sources: White House concerned about auto legislation

White House sources said Monday afternoon that an initial review of the auto bailout legislation from congressional Democrats appears to be inconsistent with what was agreed to over the weekend.

{mosads}The sources said the legislation, which the White House received Monday afternoon, might not be something the president would agree to sign.

Of particular concern, is the approach, apparently agreed to over the weekend, that only viable automotive companies would be able to receive long-term financial assistance.

The sources said the White House is continuing to work with Congress to find agreement.

Meanwhile White House press secretary Dana Perino said the two sides have “made a lot of progress in recent days to develop legislation to help automakers restructure and achieve long-term viability.” 

“We’re reviewing draft legislation we received this afternoon and are continuing our discussions with Congress,” Perino said in a statement Monday evening.  

Perino repeated the White House’s assertion that “long-term financing must be conditioned on the principle that taxpayers should only assist automakers executing a credible plan for long-term viability.” 

“We’ll continue to work with members on both sides of the aisle to achieve legislation that protects the good faith investment by taxpayers,” she said.