White House looking at auto aid options

WASHINGTON, Dec. 16 (UPI) -- Stakeholders in the U.S. auto industry must show they're willing to sacrifice if assistance funds are to be allotted, a White House spokeswoman said Tuesday.

"(If) we're going to use taxpayer financing to assist the automakers, all stakeholders are going to have to come to the table and be willing to show that they are capable and willing to make really tough decisions about the way forward," spokeswoman Dana Perino said. "(We) need them to become viable, competitive firms in the future, and in order to do that, concessions are going to have to be made by stakeholders."

Perino said the administration is communicating with all appropriate parties and weighing options after Congress failed to pass a $14 billion bridge loan package.

Perino also tried to dispel rumors that a package would be announced soon.

"You know, I don't know of an imminent announcement coming form us. We are taking the time to try to do it right and weighing all of the options," she said.

Options for helping struggling automakers have become limited to the Troubled Assets Relief Program for financial markets, House Speaker Nancy Pelosi of California said.

One issue is the option of bankruptcy protection, with congressional Democrats and the White House at odds with congressional Republicans about when such protection should be sought.

"I think all the signals coming from the White House are that they know bankruptcy is not an option," Pelosi said Monday.