Bush says decision on US auto bailout 'relatively soon'

WASHINGTON: The US government will announce "relatively soon" its decision on giving aid to the ailing US auto giants, President George W Bush said in a televised interview.

"I'm looking at all options," Bush told Fox News, according to a transcript of the interview. "Two principles by which I'm making this decision is - you know, one, a disorganised failure, disorganised bankruptcy or disorderly bankruptcy could cause great harm to the economy, beyond that which we're now witnessing. And that concerns me," Bush said yesterday.

"And the other point is that, I'm not interested in really putting good money after bad." Bush was asked by when he will resolve the auto industry bailout.

"I'm thinking through, you know, it needs to get done relatively soon," Bush said. The Big Three US automakers - GM, Ford and Chrysler - have warned that without a package of loans, millions of jobs could be lost, which they say would send ripple effects through the nation's already faltering economy.

The automakers have been seeking a bridge loan of some 14 billion dollars to help weather the crisis. Bush said on Tuesday his administration was looking at all options for the troubled industry and wanted to move in an "expeditious way."

A proposed rescue plan for Detroit failed to win sufficient support in the Senate last week, and lawmakers traded blame with auto union chiefs over the collapse of the effort.