Can we afford a US auto manufacturing collapse?

The white house is saying that theUS cannot afford a collapse of the major automakers in the United States. The senate is leaning towards the signing of the automaker bailout bill. Dana Perino the White House press secretary recently released that the jobless claims in the US are at the highest level in 26 years.

With current unemployement levels at a record high and another 1 million job losses projected due to a loss of the US auto manufacturing market. The US economy may not be able to sustain.

The press secretary said the after reviewing the automaker bailout bill she believes that it would be a reasonable approach to the current situation.