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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.