White House Considering Moving Money from Bank Bailout to Aid Car Manufacturers

Shortly after the proposed $14 billion automakers bail-out package failed to gain Senate support the White House announced they were considering diverting funds from the banking industry bail-out to the car manufacturers in an effort to avoid collapse.

The White House has said a collapse of the auto industry would send the already reeling U.S. economy into further depths that the country could not afford.

While the automakers bail-out was met with strong opposition by Senate Republicans the White House could trump the block and use funds from the $700 billion bail-out approved for the banking industry.

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