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White House Hints at "Orderly Way to Do Bankruptcies"

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This morning White House spokeswoman Dana Perino claimed that the Bush administration is very close to a decision on how to prevent further disaster to the Big Three who represent a significant portion of the flailing U.S. economy. Whether the decision will steer away from -- or toward -- bankruptcy is uncertain, but Perino mentioned the "soft landing" afforded by an orderly bankruptcy, claiming, "I think that's what we would be talking about."

Specifically, this might mean financial aid to assist automakers in a sort of managed bankruptcy. At least, that is one of the options on the table. But Perino said not to expect a final decision today.

Bush weighed in on the fix that domestic automakers find themselves in, claiming that under normal circumstances "bankruptcy court is the best way to work through credit and debt and restructuring." But he underscored the fact that the current situation is anything but a normal circumstance and claimed he did not want to dump a major catastrophe into President-Elect Obama's lap on his first day of office.--Colin Mathews

[source: Detroit News]

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