A House Republican leader is urging the Bush administration not to use the remainder of the Wall Street bailout fund for emergency aid to the Big Three automakers.
The White House has said repeatedly that the Wall Street bailout fund should not be used to rescue the automakers because it was designed -- and approved by Congress -- to stabilize the financial sector. However, the White House is considering a change of heart. House Speaker Nancy Pelosi says action by President Bush is the "only viable option." But Congressman Mike Pence (R-Indiana), chairman of the House GOP Conference, says Bush would be "in error" if he chose to tap into the $700 billion Wall Street bailout. "I believe that the administration was right in saying that the resources that were approved for dealing with our credit crisis and our financial markets should not now become simply a slush fund for every ailing business in America," Pence states. "But there's some thought the administration will go forward and use the funding from the $700 billion bailout in this instance." Pence says it is his understanding that Congress will still have to vote to approve the remaining $350 billion of the Wall Street bailout package.
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