White House Briefing

As the CEOs of once-mighty General Motors, Ford and Chrysler appear on Capitol Hill to ask for an estimated $34 billion in loans and credit lines from the federal government, the Bush administration seems lukewarm to the restructuring plans put forth by the struggling automakers.

“I think it’s too early to give these plans a grade,” White House spokeswoman Dana Perino told reporters.

Besides, Perino added, the automakers have to sell their plan to skeptical lawmakers in Congress first.

“Since the Democratic leadership invited the automakers to come to Washington to testify today and tomorrow, we should allow them to do that.”

GM’s Rick Wagoner and Chrysler’s Robert Nardelli – making their second appearance on the Hill in as many weeks – say without federal assistance, they could go under in a matter of weeks. Ford’s Alan Mulally says his company isn’t as desperate, but is requesting $9 billion anyway. The three executives are appearing before the Senate Banking Committee today; tomorrow they’ll go before the House Finance Committee.

Perino said today the administration is open to giving more aid to the automakers – on top of $25 billion already approved in loan guarantees – but continued to stress the automakers should not receive funds from the Treasury department’s $700 billion Troubled Assets Recovery Program, or TARP.