Financial Times FT.com

Treasury to tap relief fund for ailing giants

By Krishna Guha in Washington

Published: December 12 2008 20:30 | Last updated: December 12 2008 20:30

Aid for the struggling US carmakers is likely to be in the form of a bridging loan that will tide the companies over until Congress and the administration of Barack Obama decides what to do with them.

The Bush administration is prepared as a last resort to raid the $700bn troubled asset relief programme (Tarp) to keep the companies alive, but officials say the aid will not constitute a permanent solution.

You have viewed your allowance of free articles. If you wish to view more, click the button below.

Read this