Auto Bailout

The Bush Administration is stepping in to keep America's auto industry rolling.

It's looking at ways to use part of that 700 billion dollar financial bailout to help General Motors and Chrysler. While the White House has not released any details, Michigan's governor says a new plan is on the assembly line.

This comes a day after the Senate voted down an auto bailout bill. The 14-billion-dollar measure fell apart after auto workers refused to cut wages. President Bush knows, the clock is ticking. If his administration doesn't act by the end of this month, at least one of the three major automakers says it will be out of cash.

Key Senators on Capitol Hill said they expect the President will be able to accomplish what they could not.

In spite of the President's helping hand, GM is cutting production by a quarter million cars and trucks, and temporarily closing about 20 plants. That's nothing compared to the 3 million jobs industry experts say could be lost next year if any of the big three go under.

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