Ford, not seeking immediate handout, applauds bailout to GM and Chrysler.

DEARBORN, Michigan — The Ford Motor Company, the only one of the Big Three not begging the federal government for an immediate handout, on Friday said it welcomes the action by the Bush administration to provide emergency relief for General Motors and Chrysler.

"All of us at Ford appreciate the prudent step the administration has taken to address the near-term liquidity issues of GM and Chrysler," said Ford President and CEO Alan Mulally in a statement. "The U.S. auto industry is highly interdependent, and a failure of one of our competitors would have a ripple effect that could jeopardize millions of jobs and further damage the already weakened U.S. economy."

In an appearance earlier this week on CNN's Larry King Live, Bill Ford, Jr., the company's executive chairman and great-grandson of Henry Ford, said: "We're not asking for anything in this round."

"We would like a line of credit in case the economy completely implodes," he said. "We hope we never need it."

Ford has not applied for an immediate loan from the government but for a $9 billion line of credit that it could tap when needed. Such a line of credit would serve as a safety net, the automaker has said. The Dearborn automaker took a line of credit just before financing dried up. Administration officials noted on Friday that the White House announcement affects GM and Chrysler only, not Ford.

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On a side note:Ford Motor (F) is not taking loans but is expected to receive a $9 billion line of credit from the Treasury after President-elect Obama takes office.