The Big Three Still Got a Hope for Government Loans

Friday, December 12, 2008, The Huge Three car makers it seems will still get billions of dollars government loans in rescue funds from Washington, despite the abrupt death last night of bailout legislation in Congress.

The Treasury Department said Friday it will provide an unspecified amount of money to the cash-strapped industry, Fox Business Senior Washington correspondent Peter Barnes has learned from a source close to the discussions. It was not immediately clear from which funding source Treasury would get the money.

In the wake of the failure of a $14 billion bailout bill in the Senate Thursday night, the Treasury Department said Friday it was prepared to step in and prevent a collapse until Congress takes up the issue again.

In New York, Wall Street place on another impressive show of resilience Friday, rebounding from an early sell-off to end higher after the government said it would help troubled U.S. automakers.

The market, which just a week earlier withstood a terrible November employment report, managed its advance after the Treasury Department said it was prepared to help the nation’s Huge Three automakers. The Dow Jones industrial average had fallen more than 200 points in early trading after the Senate had killed a $14 billion bailout package for the companies.

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Tags: congress, Financial News, government loans, treasury department