While President George W. Bush was out dodging shoes in Iraq, (making moves like Keanu Reeves in the Matrix) his administration stayed back to work with automakers on a possible deal for emergency loans that will help prevent the bankruptcy of GM and Chrysler.
According to Senator Bob Croker, Republican-Tennessee, the Treasury Department is currently going over the automaker’s balance sheets. According to Automotive News, Senator Carl Levin, Democrat-Michigan, said yesterday that administration action is “very likely.”
The White House said Friday that it is considering other options after Senate failed to get 60 votes to pass the proposed $14 billion auto bailout. It said that it may consider using money from the $700 billion approved in October for the financial institutions.