U.S. Treasury Secretary Henry Paulson said Wednesday the US$700-billion rescue package was designed for financial institutions, hinting that the Bush administration might not use the fund to bail out auto companies.
"We care about our auto industry in the United States. They are a key part of our manufacturing industry," Paulson said. But he emphasized that the intent of the package "was to deal with the financial industry."
The Treasury chief suggested that Congress could use the US$25-billion loan program approved in September to help automakers develop fuel-efficient vehicles.
"We need a solution but the solution has got to be one that leads to viability," he said.
Also on Wednesday, the White House said it is open to any suggestions from Congress on how to help the auto industry.
The Bush administration was not responsible for automakers' problems, said White House spokeswoman Dana Perino, but she added the government knows the auto industry is very important to the American people and it will work with the companies and Congress to find solutions.
(Xinhua News Agency November 13, 2008)
