Pelosi: Bankruptcy Not An Option

WASHINGTON -- House Speaker Nancy Pelosi said today that she expects the federal government to intervene in the domestic audo industry's request for cash, whether through legislation or an executive loan.

"I believe that intervention will happen," Pelosi said during an afternoon press briefing. "I think it's pretty clear that bankruptcy is not an option."

Pelosi hasn't yet looked at the auto industry's detailed plans -- due today -- for how they would use a proposed $25 billion in government assistance. She said the plans will be reviewed by the GAO and Federal Reserve before the auto executives of Ford, GM and Chrysler appear before House and Senate committees on Thursday and Friday.

"What we are looking for is to have an auto industry that is viable, that is forward-looking, and that would be worthy of the support of taxpayers," said Pelosi, who also noted that there is a "desire to accomodate" them.



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