WASHINGTON - THE White House said on Monday the US administration did not want the US auto industry to fail but stressed that it should use already available financing rather than new assistance funds.
'The Administration does not want US automakers to fail, and in fact we support assistance to automakers,' spokeswoman Dana Perino said.
'The auto industry is an important part of our manufacturing base, and we want the industry to succeed and compete in the global economy. This is why we are calling on Congress to take appropriate action this week to provide assistance.' But she said new funds for aid were not the White House's preference.
'We believe this assistance should come from the program created by Congress that was specifically designed to assist the automakers - from the 25 billion dollar (S$38 billion) Department of Energy loan program,' Ms Perino said.
'We believe this is the appropriate funding to use for automakers rather than seeking an additional 25 billion dollars from the TARP program. We should not seek additional funding while 25 billion sits available in a program that was designed for automakers,' Ms Perino said.
Under the TARP program the US government intends to make cash injections available to troubled banks. -- AP
