America’s car makers are pinning their hopes on President Bush in a last ditch attempt to save them from collapse. The White House says it is mulling over whether to use almost 10 billion euros already earmarked for the US banking industry. The possible use of the Wall Street bailout fund comes after US senators yesterday rejected a bill to rescue the struggling automakers.
Despite, the “no” vote, the Bush administration has warned that the US economy will not be able to withstand such a bodyblow. But, GM, Ford, and Chrysler are breathing a little easier this evening after the US Treasury announced it would prevent any collapse until Congress reconvenes. New President-elect Barack Obama says he is disappointed at the failure of the Senate to reach a rescue deal.