The saga of the rapidly evolving Detroit Three bailout continues, with the Bush Administration reported to be on the verge of announcing emergency aid to the companies. The latest plan being considered would provide the companies with enough money to survive until March, according to Bloomberg. After that, it would be up to the Obama Administration and the new Congress to come up with a longer-term plan for the industry. Money would purportedly be given to the companies through GMAC and Chrysler Financial.

Although the idea of prepackaged or “managed” bankruptcy re-emerged Thursday morning, the White House is now said to be leaning away from the idea. According to one of the news agency’s well-placed sources, the administration is concerned such a plan would put Ford at an unfair disadvantage. Ford, which previously requested access to a government credit line as a safety net, is not currently in need of loans, nor is it at risk of bankruptcy.

The Bloomberg report, published at 11:00 p.m. Thursday night, indicates an announcement could come from the White House within hours. GM and Chrysler have said they need $14 billion to make it to March.

Both the President and Treasury Secretary Henry Paulson have been reluctant to use funds from the Troubled Asset Relief Program (TARP) to help the Detroit Three. But a new solution has emerged that could prevent having other industrial companies line up for access to the $700 billion program, which was originally intended for financial institutions. The new proposal would see the money routed to the companies through their credit arms, GMAC LLC and Chrysler Financial.

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