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CNN: Treasury Bailout Targeted for Big 3 (Visit this link)
Chris Isidore from CNNMoney.com: The Bush administration said Friday it might use taxpayer dollars set aside to bail out banks and Wall Street firms to keep troubled U.S. automakers out of bankruptcy. The administration's announcement, which reverses its previous position on how to help the auto industry, effectively revives a bailout proposal killed by senators of the president's own party just hours earlier. That plan had the support of congressional Democrats and the White House, but would have used a different source of funds to provide $14 billion in federal loans. The move could provide an 11th-hour short-term lifeline to General Motors and Chrysler, which have warned they are within weeks of running out of the cash they need to continue to operate.
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