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The first Boeing 787 Dreamliner sits on the assembly line at the company's Everett plant in Washington in this May 19, 2008 file photo. REUTERS/Robert Sorbo/Files

Aerospace and Defense

Defense budgets are not declining as sharply as some had feared, but companies are scrambling to ensure continued earnings growth. Get exclusive insight into the defense sector from the Reuters Aerospace and Defense Summit.  Full Coverage 

    White House says mulling TARP funds for automakers

    ABOARD AIR FORCE ONE
    Fri Dec 12, 2008 6:06pm EST

    ABOARD AIR FORCE ONE (Reuters) - The White House said on Friday it was considering tapping a $700 billion financial industry bailout fund to prevent a collapse of ailing U.S. automakers.

    Barack Obama

    "Given the current weakened state of the U.S. economy, we will consider other options, if necessary including use of the TARP program, to prevent a collapse of troubled automakers," White House spokeswoman Dana Perino told reporters aboard Air Force One as Bush headed to Texas.

    A willingness to consider use of TARP funds marked a dramatic reversal for the Bush administration after a proposed bailout of U.S. automakers failed in the Senate on Thursday night, raising the specter of an industry collapse.

    (Reporting by Tabassum Zakaria, writing by Matt Spetalnick)
    Barack Obama


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