White House Opposes Bailout for U.S. Firms

The White House said the biggest U.S. auto companies did not need substantial government help to overhaul their businesses, which are squeezed by high costs and intense competition.

“They don’t need a bailout. All they need is the time to restructure, and we’re confident they will be very successful,” said Al Hubbard, the top economic advisor to President Bush.

Big U.S. automakers are pressing Congress for a series of tax breaks and other broad-based incentives that could be worth billions in retooling their businesses to compete better with foreign rivals.