President Bush will make an announcement at 9 a.m. Eastern today about an auto bailout, the White House said.
The plan is likely to include taxpayer assistance for GM and Chrysler in return for radical restructuring. And they will have to present a credible plan to become viable firms, according to administration sources.
"It's all about viability," one official said. "We aren't going to throw good money after bad."
Officials said the most likely scenario is a plan that looks like bankruptcy but is not legal bankruptcy -- an orderly restructuring in return for taxpayer assistance, as the administration is putting it.
STATE BLOGS
