President George W. Bush explains why he is bailing out Detroit:
“We’re in a crisis now, we’re in a huge recession. I don’t want to make it even worse.”
More from Bloomberg:
Bush gave no hint of when a decision would be made. “We’re taking in the concerns” of all the stakeholders and “we’ll try to get this done in an expeditious way,” he said. “A disorganized bankruptcy could create enormous economic – – further economic — difficulties,” he said.
See Also: Bush On Economy: “This Sucker Could Go Down“