Washington, D.C. ? The White House tossed out no lifeline for the teetering auto industry Sunday, although President George W. Bush reiterated that he was considering using money from the $700 billion financial bailout fund to provide loans to the carmakers.

“An abrupt bankruptcy for autos could be devastating for the economy,” Bush told reporters today aboard Air Force One during an unannounced trip to Iraq and Afghanistan. “We’re now in the process of working with the stakeholders on a way forward. We’re not quite ready to announce that yet.”

Bush wouldn’t give a precise timetable but said, “This will not be a long process because of the economic fragility of the autos.”

White House officials said they did not expect to make an announcement today. The administration is considering ways to provide emergency aid to General Motors Corp. and Chrysler LLC, which have said they could run out of cash within weeks without federal aid.