Big 3 trying to tap into $700 billion bailout

Detroit’s Big 3 are trying to tap into the bailout funds that have been set aside for the financial industry. According to Automotive News, sources familiar with the talks say that GM, Ford and Chrysler are working with the Michigan congressional delegation to qualify for the $700 billion bailout fund.

Bush’s administration has previously said that the three automakers are ineligible to take part in the program. However, talks are underway with Michigan lawmakers and the Big 3 executives to allow GM, FoMoCo and Chrysler to be eligible.

Insiders say that the recently announced additional $25 billion in direct loans could be unnecessary if the three automakers qualify for the $700 billion.