Bush still mulling shape of automaker aid

WASHINGTON, Dec. 18 (UPI) -- President George Bush says the disarray in U.S. markets and consideration for his successor are two factors in how he helps the ailing U.S. auto industry.

Bush, speaking at the American Enterprise Institute in Washington, said no decision's been made about what action should be taken to rescue two of three American automakers, despite reports that a resolution was imminent.

"I haven't made up my mind yet," Bush said.

House Speaker Nancy Pelosi of California urged Bush to decide quickly to prevent "the imminent insolvency of the domestic auto industry," ABC News reported.

Bush said circumstances dictated that the federal government look for ways to assist a private corporation.

"Our financial system is interwoven domestically, internationally," he said. "And we got to the point where if a major institution were to fail, there is great likelihood that there'd be a ripple effect throughout the world, and the average person would be really hurt."

Domestic automakers "are very fragile," he said.

He said he was concerned about what a "disorderly bankruptcy and what it would do to the psychology and the markets," which he said are beginning to thaw despite lingering uncertainty.

"I'm also worried about, you know, putting good money after bad," he said. "That means whether or not these autos will become viable in the future."

Lastly, he said, "II feel an obligation to my successor. I've thought about what it would be like for me to become president during this period. I have -- I believe that good policy is not to dump him a major catastrophe in his first day of office."