The chorus of calls for help could pressure the Bush administration to widen the scope of its $700 billion bailout plan, the Troubled Asset Relief Program, which was authorized in October.Treasury officials have refused so far to open TARP to U.S. car makers, despite lobbying from Congress to do so.<\/p>\n
The Treasury has committed all but $60 billion of the first $350 billion in funds granted by Congress under the TARP plan. That sum remains after accounting for Treasury’s planned investments in the banking sector and Monday’s additional $40 billion investment in troubled insurer American International Group Inc. AIG was originally bailed out by the Federal Reserve in September, and Fannie Mae, along with its sister company Freddie Mac, was seized by the government the same month.<\/p>\n
The rescue efforts are “evolving in ways that I don’t think anyone anticipated,” said Camden Fine, president and CEO of the Independent Community Bankers of America, a trade group. “Things are just hitting them from every single direction, every day, and I don’t think they know whether to spit or go blind.”<\/p>\n