$Rig's Platinum Penny Alerts

[windsorite]

White House Willing To Use TARP Funds In Auto Bailout
12/12/2008 9:55 AM ET
The White House has opened the door for use of funds for automakers from the $700 billion economic rescue package Friday after bailout legislation failed to pass the Senate the night before. In a statement from White House Press Secretary Dana Perino, the Bush Administration reversed its position on the use of funds originally designated for financial firms, stating that the president will "consider other options if necessary - including the use of the TARP program" to prevent the collapse of the U.S. auto industry.

The weakened state of the economy is behind the decision, according to the statement.