Breaking News about the Auto Bailouts

John Hanlon

3/30/2009 12:17:30 AM - John Hanlon

Mike Allen and Josh Gerstein, at Politico.com are reporting some breaking news tonight about the automobile bailouts.

They are reporting the following:

"In surprising findings to be outlined at the White House on Monday, President Obama has concluded that neither GM nor Chrysler deserve more bailouts as they now exist. But the White House is sparing them for a month or two, and is promising American consumers that the government will stand behind warranties if the automakers fail... 

The administration found that both carmakers had failed to prove the “viability” required under the terms of the massive government loans they’ve already received, and determined that neither should receive another bailout." 

Stay tuned on this late-breaking story...