Pelosi Says Automakers Need to Restructure to Ensure Viability

By Vincent Del Giudice

Nov. 15 (Bloomberg) -- House Speaker Nancy Pelosi said U.S. automobile manufacturers need to restructure ``to ensure their long-term economic viability.''

In a statement issued in Washington, Pelosi also said that the ``appropriate source of funding for this short-term assistance is the Troubled Assets Relief Program (TARP) recently authorized by Congress.''

``Any effort to divert funds from the advanced technology initiative contained in Section 136 of last year's energy bill is a step backward in assuring the viability and competitiveness of the U.S. auto industry,'' Pelosi's statement said.

Earlier today, Ron Gettelfinger, head of the United Auto Workers, said General Motors Corp., Ford Motor Co. and Chrysler LLC need U.S. financial assistance before President-elect Barack Obama takes office on Jan. 20.

To contact the reporter on this story: Vincent Del Giudice in Washington at vdelgiudice@bloomberg.net.