It seems that this is the American auto companies last hope for survival. After pleading with the House of Representatives, only to get a bill passed that the Senate shot down, it seems that companies like GM and Chrysler might be in real trouble. Their only hope now, lies within the walls of the White House.

The Bush administration has announced that they are considering using money from the TARP fund set up to cover the country’s financial institutions.  There is $700 billion in funds there, so you’d think that they could let go of $14 billion. But this is still not the case. President Bush and his appointees have been very reluctant and resistant to using the TARP funds.

U.S. Senator Carl Levin, D-Mich., had this to say;”I am encouraged that the White House said today that they will consider other options to assist the auto companies, including use of the TARP program….use of TARP funds is the fastest, most feasible, most immediate and most certain approach to provide the emergency bridge loans needed by the auto companies….I am hopeful that the President will act promptly to prevent this collapse and the resulting calamity for our economy.”

While millions of Americans look on not really knowing why this is happening (or thinking they do, but really they don’t) all that comes to mind is more questions. We might need a solution fast, but with the holidays fast approaching I doubt this is anything that will be resolved this year. For now we have to sit and wait on the Bush administration to act. We might be here for a while…

Source: Auto Week