Auto Suppliers' Bailout Plea Rebuffed (Update)

Updated from 2:40 p.m. EDT

The U.S. government has rebuffed an appeal by the auto-parts industry for as much as $10 billion in further aid.

As reported, two trade groups traveled to Washington last Wednesday to meet with the Treasury Department's auto task force and request between $8 billion and $10 billion in guaranteed bank loans.

But Ron Bloom, one of President Obama's lead advisors on the auto industry's struggles, told the group that because carmakers had seen no disruption in supply from parts companies, he "didn't see a need for the government to step in," said Neil De Koker, chief executive of the Original Equipment Suppliers Association, recalling the conversation. ...