While almost everyone is expecting the Bush administration to put together some sort of short-term rescue package to keep the Big Three automakers from going under, Automotive News reports that the administration is still working on the issue and no announcement is currently scheduled:
 

The White House has said it might use TARP money to help General Motors, Ford Motor Co. and Chrysler LLC. A $14 billion lifeline for the companies backed by Democratic lawmakers and President George W. Bush was killed by Senate Republicans last week.

“We are moving with all deliberate speed in order to try to do this in an orderly fashion, but we’re not going to be rushed into it,” White House spokeswoman Dana Perino said. “We’re trying to do something that’s responsible.”

U.S. lawmakers have said the White House could act as early as tomorrow, but the White House said no announcement was imminent.

Reuters, on the other hand, is reporting that a deal could be announced as early as Wednesday:

The Bush administration could act as early as Wednesday to approve an automaker bailout from its bank rescue fund, with conditions likely to reflect at least those approved by the U.S. House of Representatives last week, key lawmakers and other sources said on Monday.

A Treasury Department official said the agency and auto company executives continued to review financial and other information, and that no decision had been made. The White House is actively involved in the matter, officials said.

The Senate failed to pass a $14 billion bailout package last week.