(AP) -- The Obama administration has turned down a request by auto suppliers for an additional $8 billion to $10 billion in aid to help them deal with the bankruptcies of General Motors and Chrysler.
The Treasury Department said in a statement Tuesday that an existing $5 billion support program for auto parts suppliers was playing an important role in stabilizing the nation's auto supply base. Treasury says no changes have been made to the funding level.
Suppliers were lobbying for billions in loan guarantees to help them raise money to buy raw materials and pay employees as Chrysler and GM resumes production.
Supplier trade groups met with members of the Obama administration's auto task force and lawmakers last week.
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