Bush Considers Tapping Financial Industry Bailout Fund to Rescue Detroit After Senate Nixes Auto Bailout Bill. By Matt Spetalnick, Reuters, December 12, 2008. "The Bush administration said on Friday it could be willing to provide emergency funding for the teetering U.S. auto industry, keeping open the possibility of a bailout the day after Congress failed to approve a deal. The White House warned of the severe impact on a weakened U.S. economy if the U.S. automakers collapsed, and in a reversal of its previous position, said it would consider dipping into a $700-billion fund aimed at bailing out the financial industry. Democratic leaders and the main U.S. auto workers union appealed to Bush's Republican administration -- now in its last weeks -- to provide emergency funds after a Senate deal to save Detroit's Big Three collapsed in acrimony late on Thursday."
2008-12-12
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