Automakers May or May Not Get Money From Somebody
After Congress failed to approve the $14 billion bailout of General Motors and Chrysler, it looked like all was lost for the automakers. But, President Bush announced in a press conference that he may try and spend some of the $700 billion bailout to save the two companies and their employees. This press conference constitutes the first time anyone in a low-income job was ever excited to see President Bush.
Instead of dedicating some new money directly to the two automakers, Bush hopes to take money directly from the $700 billion already dedicated to TARP (or Troubled Assets Relief Program). However, Congress has already allocated some $340 billion of the first $350 billion allotment, which would require opening up the second allotment early. There’s nothing like opening presents early, especially when it might stave off another great depression.
Automakers have said that while they are disappointed Congress has failed to act, they really don’t give a shit who gives them money at this point.
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