This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7779981.stm
The article has changed 11 times. There is an RSS feed of changes available.
Version 0 | Version 1 |
---|---|
US mulls bank funds for carmakers | US mulls bank funds for carmakers |
(10 minutes later) | |
The White House says it is considering using money earmarked to rescue the US banking industry to bail out the country's struggling automakers. | The White House says it is considering using money earmarked to rescue the US banking industry to bail out the country's struggling automakers. |
A $14bn (£9.4bn) bail-out deal for the US car industry failed to get Senate support, raising fears of job cuts and a possible industry collapse. | A $14bn (£9.4bn) bail-out deal for the US car industry failed to get Senate support, raising fears of job cuts and a possible industry collapse. |
The White House said that the US economy could not withstand a body blow like the collapse of the auto industry. | The White House said that the US economy could not withstand a body blow like the collapse of the auto industry. |
It said that the Federal government may have to step in. | It said that the Federal government may have to step in. |
Earlier this year, the US approved a $700bn (£467bn) bail-out for the finance industry, known as the TARP programme. It had previously been reluctant to use this money for other industries. | |
"Given the current weakened state of the US economy, we will consider other options, if necessary including use of the TARP program, to prevent a collapse of troubled automakers," White House spokeswoman Dana Perino said. | |
She added that it would be "irresponsible" to further weaken the economy by allowing the Detroit car companies to fail. | |
The Big Three - Chrysler, General Motors and Ford - employ 250,000 people directly. |