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Bush to Auto Industry: No Deal Yet

12/15/2008
As General Motors (GM) and Chrysler await a decision on whether the federal government will provide them with emergency funding they say they need to avoid bankruptcy, President George W. Bush says a deal is in the works, but that there is no announcement scheduled. The Associated Press reports that Bush this morning told reporters aboard Air Force One that there is no precise timetable for the deal, but said, "This will not be a long process because of the economic fragility of the autos." AP also reports that Bush administration officials are keeping President-elect Barack Obama and his advisors informed of the discussions. Both GM and Chrysler have said they may run out of cash within weeks without government help; Ford says it has enough cash to survive without the bailout.

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