“Under normal economic conditions we would prefer that markets determine the ultimate fate of private firms,” Dana Perino, Mr. Bush’s spokeswoman, said in a carefully nuanced statement released minutes before the financial markets opened in New York. “However, given the current weakened state of the U.S. economy, we will consider other options if necessary — including use of the TARP program — to prevent a collapse of troubled automakers.”

The Treasury Department promptly indicated that it would provide short-term relief to the automakers. “Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry,” a Treasury spokeswoman, Brookly McLaughlin, said.

TARP is the Troubled Assets Relief Program, the official name of the Treasury’s financial rescue program, originally intended to assist banks. Referring to the carmakers, the White House statement said, “A precipitous collapse of this industry would have a severe impact on our economy,” and added, “It would be irresponsible to further weaken and destabilize our economy at this time.”

The statement indicated that Mr. Bush was prepared to give in on his biggest objection to Democratic proposals for staving off imminent bankruptcy filings at General Motors and Chrysler. Mr. Bush had insisted that the Treasury program be reserved for financial institutions and argued that the TARP legislation did not include the necessary conditions to apply it to the auto companies. (Mr. Bush himself was delivering a commencement address at Texas A&M University.)

In its statement, the White House appeared resigned to using the Treasury program after all, though it warned that the car companies and unions had to make “meaningful concessions” to make the companies viable. At the moment, the Treasury has committed about $335 billion of the first $350 billion that Congress has authorized.

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