President Bush offers loans to Big Three automakers

President Bush offered the American auto industry $13.4 billion dollars in short-term financing that will be drawn from the $700 billion dollar Wall Street rescue program. Another $4 billion dollars will be added later. The President said that the only way to avoid a collapse of the U.S. auto industry was for the executive branch to step in. However, there are some serious stipulations attached to the loan. Joining The Takeaway is Micheline Maynard, Senior Business Correspondent for The New York Times, based in Michigan, and Todd Zwillich with Capitol News Connection.