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Paulson: Loans to automakers must ensure 'viability'


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Paulson: Loans to automakers must ensure 'viability'

Harry Stoffer
Automotive News
November 12, 2008 - 11:29 am ET

WASHINGTON -- Treasury Secretary Henry Paulson said today that any federal aid to automakers must help ensure their "viability."

The Bush administration is resisting emergency loans to the auto industry. In a rare news conference, Paulson said publicly what administration officials have said unofficially: They believe a $700 billion economic rescue program enacted in October should be limited to financial institutions.

Top lawmakers are preparing legislation that would direct the administration to use some of the $700 billion for automakers. Leaders of the Detroit 3 and the UAW say that federal money is essential for the companies to keep going.

Paulson said today that the auto industry is vital to the nation and is hurting. But a solution for automakers, he said, must be one "that leads to viability."
Providing bailout money to the Big 3 and the UAW's is like providing methadone to an IV drug addict. A slipperly slope that only leads to one end.

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