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The outcome may change if the borrower gets a new job after termination
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White House says auto loans deal not imminent
WASHINGTON – Don't expect an announcement Sunday or Monday from the White House on a possible plan to prevent the collapse of the troubled auto industry. That's the latest word from White House officials.
The Bush administration is considering ways to provide emergency aid to General Motors Corp. and Chrysler LLC. Those two car companies have said they could run out of cash within weeks without government help.
Last week, Congress failed to approve $14 billion in loans to help the automakers. That's when Bush officials said they were considering several options, including using money from the $700 billion financial bailout fund to provide loans to the carmakers.
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