Lame Duck: Forget About Congress, Use TARP to Bailout the Big Three

The Troubled Assets Relief Program (TARP) is supposed to be a $700 billion fund for the troubled financial industry. However, since the Senate blocked the proposed auto sector bailout, Lame Duck W thinks, what the heck, lets send some of that cash to the Big Two and a Half. (here)

WASHINGTON (AFP) – The White House said Friday that it may tap a 700-billion-dollar Wall Street rescue to spare US automakers from an "immediate collapse" that the US economy "could not withstand."

"Given the current weakened state of the US economy, we will consider other options if necessary -- including use of the TARP program -- to prevent a collapse of troubled automakers," spokeswoman Dana Perino said, referring to the Troubled Asset Relief Program conceived to help financial services firms.

Perino, speaking aboard US President George W. Bush's official Air Force One jet, declined to say when a decision would come but said the White House understood "the urgency of the situation."

I'm not a lawyer, but how can they play fast and loose with appropriations like this? What is this, Quebec? Isn't this illegal? Where's the media on this?