On Friday, the Bush administration approved a short-term bailout plan that will ultimately lend $17.4 billion in taxpayer money to General Motors and Chrysler. The move means the companies can survive until March 31. After that, the incoming Obama administration will decide what to do next.
After the announcement of the loans, Michigan Governor Jennifer Granholm issued a statement that called the loans "a recognition by the administration that the nation's fragile economy simply cannot sustain the human and economic toll of further massive job loss."
Granholm joins guest host Alison Stewart to discuss the White House's plan for a short-term bailout of the auto industry.