GM and Chrysler get encouraging nod

The White House is reassuring General Motors and Chrysler that help is on the way—it’s just taking time to work out details.

President George W. Bush won’t give a precise timetable, but says it won’t be a long process “because of the economic fragility” of the auto companies. Both GM and Chrysler say they could run out of cash within weeks.

Sen. Carl Levin of Michigan says he expects GM to get $8 billion and Chrysler $7 billion under the administration’s plan. He says the Treasury secretary will likely be tapped as a “car czar” to oversee restructuring of the companies.

The administration is considering several options, including money from the $700 billion financial bailout fund. House Speaker Nancy Pelosi calls the fund “the only recourse.“