Bush administration assures US automakers

8220;An abrupt bankruptcy for autos could be devastating for the economy,8221; Bush told reporters aboard Air Force One during a surprise trip to Iraq and Afghanistan. 8220;We8217;re now in the process of working with the stakeholders on a way forward.

We8217;re not quite ready to announce that yet.8221;

In Detroit, Michigan, the heartland of the auto industry, Democratic Sen. Carl Levin said he expects GM to get USD 8 billion and Chrysler USD 7 billion under the Bush administration8217;s plan. He said Treasury Secretary Henry Paulson probably would be tapped as a 8220;car czar8221; to oversee restructuring of the companies.

Bush would not give a precise timetable but said: 8220;This will not be a long process because of the economic fragility of the autos.8221;

Vice President Dick Cheney, in an interview with conservative talk show host Rush Limbaugh, said the auto industry8217;s woes came at an 8220;especially bad time8221; because of the slowdown of the financial markets.

8220;We8217;re on the downside of a recession that may be the worst since World War II. And if the automobile industry goes belly up now, there8217;s a deep concern that that would be a major shock to the system,8221; Cheney said.