White House: Auto bailout ‘nearing a conclusion’

The White House said Thursday that a deal to save the
auto companies is “very close” and that President Bush is continuing to study
his options.

{mosads}White House press secretary Dana Perino told reporters
that Bush is taking Chrysler’s decision to stop production for a month into
consideration. She stressed that he believes that letting the companies fail is
not an option in the weakened economy.

“The president is not going to allow a disorderly
collapse of these companies,” Perino said.

That said, Perino noted that an orderly bankruptcy for
the companies is still in the “spectrum” of options from which the president
will choose.

Another strategy the president is considering, despite
strenuous objections from Senate Republicans, is using money from the Troubled
Assets Relief Program to help the auto companies.

Perino was unable to say whether a deal could come this
week, but she did say the process is “nearing a conclusion and we’re very
close.”