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Auto Bailout Dies in Senate, President Approves.

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After the United States had already given the auto industry a $25 billion bailout, the Big Three came back for another bailout and rather than wait while the auto bailout dies in the Senate, President Bush authorized more than $18 billion to be given to General Motors and Chrysler from the Troubled Assets Relief Program.

The first auto bailout was worth twenty-five billion dollars and was given to Ford, General Motors, and Chrysler just before the Congress passed the $700 billion Wall Street Bailout.

The second time that the automakers came back to Washington, the Congress was not as giving and a contentious Congressional battle over whether to give them any more money ended in President Bush giving them a piece of the Wall Street Bailout.

General Motors and Chrysler are back in Washington once again to request an additional bailout, a third in just six months, but the issue has been cast aside as Congress is ‘busy’ with other things.

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First Auto Bailout Dies in Senate, is Reborn

Facing a huge increase in oil prices to the extent where some places in the United States saw gas prices hit five dollars per gallon, car makers began to hemorrhage money as people did not want to buy thirty-thousand dollar cars if they had to pay another five thousand dollars on gas every year.

The crisis became even worse when not only did people not want to buy cars, but with the onset of the 2008 financial crisis, they simply did not have the money to buy cars and banks did not have the money to loan people for cars.

Always ready to help the huge corporations of America, the United States Congress handed the Big Three American automakers, General Motors, Ford, and Chrysler, a twenty-five billion dollar bailout that went largely ignored by the media as Congress passed a seven hundred billion dollar bailout for Wall Street just days later.

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Second Auto Bailout Dies in Senate, Reborn in White House

Less than two months later, the Big Three Automakers came back to Washington to ask for another twenty-five billion dollar bailout. This time the Congress was not as supportive.

While the House of Representatives seemed to be ready to approve the bailout, the Senate was nowhere close and killed the second bailout bill by eight votes in a cloture motion.

While Congress gave up on the bill, the lame duck president with nothing to lose did not. Just days later, the President ordered the United States Treasury to give General Motors and Chrysler nearly eighteen billion dollars in loans from the money designated for the Troubled Assets Relief Program that was authorized by the Wall Street Bailout bill.

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Third Auto Bailout Dies in Senate, White House

When President Barack Obama and Treasury Secretary Timothy Geithner took over, things changed quickly for the Big Three, particularly General Motors and Chrysler.

Obama has essentially put General Motors under government control while simultaneously using guarantee vehicle warranties for every General Motors consumer.

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