Treasury Department Announces That They'll Bail Out.... Bush

The Treasury threw a lifeline to the beleaguered US car industry, saying it is ready to prevent the failure of auto makers until Congress reconvenes next month.

"Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry,'' Treasury spokeswoman Brookly McLaughlin said.

The announcement came shortly after the White House said it will consider using the $700 billion Wall Street bailout fund to rescue the auto industry after the Senate refused to pass a $14 billion bailout plan late Thursday night.

"Congress spoke last night," White House press secretary Dana Perino said. "They don't have the votes to do anything. They didn't get it over the goal line, and so we have to consider what other options we would take."
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