WASHINGTON - HOUSE of Representatives speaker Nancy Pelosi said Monday that bankruptcy for US automakers 'is not an option' and that a short-term loan programme 'is an appropriate way to go'.

Her comments came as General Motors, Ford and Chrysler presented business plans to lawmakers on their survival strategy to back a request for at least 25 billion dollars (S$37.8 billion) in emergency government loans.

'I believe an intervention will happen, either from the administration or legislatively,' she said.

'I think it's pretty clear that bankruptcy is not an option. It takes too long. What bankruptcy achieves in a year we can do in a matter of weeks, that's why the short-term loan is an appropriate way to go.' -- AFP