White House: 'great deal' progress on auto bailout

Published: 09 Dec 2008 18:40:38 PST

WASHINGTON, Dec 9 - The White House on Tuesday said progress had been made in negotiations with Congress on legislation to bail out ailing U.S. automakers and talks will continue to finalize the plan.

"A great deal of progress has been made on auto legislation that will protect the taxpayer and ensure that short-term financing is available only to companies prepared to undertake the dramatic restructuring necessary to become viable and competitive," White House spokeswoman Dana Perino said in a statement.

Taxpayers should not be asked to finance firms unwilling to make difficult decisions, including "deep and meaningful concessions from all stakeholders," she said.

"We will continue to work with Congress to finalize legislation the president can support," Perino said.