Nov. 12 (Bloomberg) -- President George W. Bush is open to working with Congress to allow more aid for automakers, spokeswoman Dana Perino said.

``We want these companies to succeed,'' Perino told reporters at a White House briefing. ``We would look to Congress.'' If ``they are willing'' to amend the $700 billion financial-rescue measure ``to accelerate those funds, we are willing to listen.''

While the Treasury Department is considering ways to expand its use of the bailout package, Secretary Henry Paulson has so far refused entreaties from the auto companies.

House Speaker Nancy Pelosi said yesterday she wants ``immediate action'' to give automakers additional assistance as shares of General Motors Corp. hit their lowest level since 1943 and analysts said the company faces possible bankruptcy.

Perino said the White House is waiting for Congress to offer a proposal. ``So far, we don't even know if they are coming back for a lame-duck session,'' she said.

Pelosi didn't specify the level of assistance she supports, but said it should come from the $700 billion Congress authorized the Treasury to use to help stabilize the financial services industry. Pelosi said she is tapping House Financial Services Committee Chairman Barney Frank to write the legislation that may be considered as early as next week.

The three companies are seeking an additional $50 billion in federal loans to help them weather the worst auto market in 25 years, according to a person familiar with the matter.

To contact the reporters on this story: Holly Rosenkrantz in Washington at hrosenkrantz@bloomberg.net

Last Updated: November 12, 2008 12:40 EST