Bush says auto bailout not ready

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By Matt Spetalnick

KABUL (Reuters) - President George W. Bush said on Monday an announcement on an auto industry rescue was not imminent, leaving the industry's fate clouded in uncertainty for a little longer.

"We're not quite ready to announce that yet," Bush told reporters on Air Force One during a flight from Baghdad on an unannounced visit to Afghanistan.

He had been asked when he might make an anticipated announcement about tapping a $700 billion financial industry bailout fund to aid General Motors Corp, Ford Motor Co and Chrysler LLC.

Asked whether he was leaning toward using financial bailout funds, Bush said: "I signaled that that's a possibility."

Bush said a decision would not take long. White House spokeswoman Dana Perino said earlier that she had no timetable for a decision.

Following a surprise visit to Iraq, Bush was visiting Afghan President Hamid Karzai and addressing U.S. troops in Afghanistan before his presidency ends next month. It was not clear how much longer the trip would last.

Lawmakers on Sunday said they expect the administration to act soon to ward off a collapse of the U.S. auto industry, which could lead to millions of job losses. Republicans blocked a bailout in the Senate last week.

Sen. Bob Corker, a Tennessee Republican, said the Treasury Department has been talking this weekend with automakers about their balance sheets.

"I don't think they yet know what they're going to do," said Corker, who added that he spoke with White House officials Sunday morning.

Bush said last week his administration would consider using part of the Treasury's $700 billion bailout package for financial institutions to keep the Big 3 U.S. automakers going over the short term as they sought lasting solutions.

United Auto Workers President Ron Gettelfinger, the top labor union official, said on CNN's "Late Edition" that his organization was in discussions with the administration but has been given no sense of timing of any relief.

Some lawmakers prefer the companies to seek bankruptcy protection.

Federal Reserve Chairman Ben Bernanke said last week in a letter to U.S. lawmakers the central bank is "extremely reluctant" to lend to car makers.

(Additional reporting by John Poirier and Alister Bull; editing by Alan Elsner)

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