The Bush administration, worried about a further blow to the US economy, said it was ready to step in and prevent the auto industry from collapsing. It's widely believed that means they will tap into the $700 billion Wall Street bailout fund to help auto makers.
President Bush had originally refused to use the bailout fund to help GM , Ford or Chrysler, insisting that aid come from Congress. But the White House said it must reconsider after the Senate failed to agree on a $14 billion rescue plan late Thursday night.
The issue has become a real point of contention with the American public.
Polls show Americans split on bailing out the U.S. automakers, a highly visible troubled sector in a country grappling with recession. Fast Money viewers are split too.
Melvyn W. writes, "They must not be bailed out with my tax dollars. Let them fail, restructure and send the executives and union goons to find new jobs!!!"
Mike K. takes the opposite view. "Bankruptcy court is a bad idea in this case.... We are talking about availability of credit that started a domino effect that was not the fault of the auto companies. I hope you can understand that."
Meanwhile, the auto companies say one in 10 jobs in the United States are linked to their industry. But the companies are widely criticized for poor model designs that have left them with products losing popularity with consumers.
And that leads to our Fast Money Reader Poll. Do you think allowing the auto companies to go bankrupt would cripple the US economy?
Got something to say? Send us an e-mail at firstname.lastname@example.org and your comment might be posted on the Rapid Recap! Prefer to keep your comments private? Send those questions and comments to email@example.com.
CNBC.com with wires