GM Statement in Response to White House’s offer to help automakers

After the Senate killed a bailout loan for the US automakers, President Bush and the White House have offered to find a way to help.

GM issued the following statement in support of the White House efforts:

"We are encouraged by the White House's willingness to consider other options, including the TARP program, for immediate aid to the domestic auto industry. We are prepared to work closely with the Administration on possible solutions that could prevent further damage to our nation's economy and also allow us to embark on an aggressive restructuring plan for long term viability."