Paulson opposes bailout money for auto industry

Treasury Secretary Henry Paulson has told Congress the administration remains firmly opposed to dipping into the government’s $700 billion financial bailout fund to provide the Big Three automakers the $25 billion rescue they are seeking.

Paulson appeared before a House committee as chances for the auto bailout bill were fading in the current lame-duck session.

The secretary said that the $700 billion plan enacted by Congress in October did not envision the program to be used for non-financial companies. And he suggested that Congress look for other ways to help the battered industry.