The president tells reporters aboard Air Force One on the way back from the Middle East Monday that they’re making progress on a bailout plan.

“An abrupt bankruptcy for autos could be devastating for the economy. We’re now in the process of working with the stakeholders on a way forward. We’re not quite ready to announce that yet.”

Wouldn’t give a timetable, but says “This will not be a long process because of the economic fragility of the autos.”