President George W. Bush delivers a statement regarding the automobile industry Friday, Dec. 19, 2008, from the Roosevelt Room of the White House.
President Bush: In particular, automakers must meet conditions that experts agree are necessary for long-term viability -- including putting their retirement plans on a sustainable footing … If a company fails to come up with a viable plan by March 31st, it will be required to repay its federal loans.The automakers and unions must understand what is at stake, and make hard decisions necessary to reform. These conditions send a clear message to everyone involved in the future of American automakers: The time to make the hard decisions to become viable is now -- or the only option will be bankruptcy.
The actions I'm announcing today represent a step that we wish were not necessary. But given the situation, it is the most effective and responsible way to address this challenge facing our nation. By giving the auto companies a chance to restructure, we will shield the American people from a harsh economic blow at a vulnerable time. And we will give American workers an opportunity to show the world once again they can meet challenges with ingenuity and determination, and bounce back from tough times, and emerge stronger than before.
Thank you.