Leading US newspapers on Saturday welcomed President George W. Bush's plan to rescue struggling automakers, saying the cost of not acting could have been devastating to the world's biggest economy. "The only thing worse than the administration's plan would have been doing nothing," The Washington Post said in an editorial.
"As the US and world economies spiral downward, the collapse of GM and Chrysler could have crippled many of their suppliers and possibly Ford - and even could have endangered the US operations of Asian and European companies."
The New York Times said the loans to General Motors and Chrysler will protect the economy from a potential wave of additional job losses. "But they do not guarantee Detroit's long-term survival," the Times warned. "President-elect Barack Obama's administration will still have to make hard choices about how to help Michigan's auto industry shrink and become more energy efficient. "It must do so if there is any hope of Detroit becoming viable again and making cars that drivers would want to buy and that would make sense in an increasingly oil-hungry world."