<|endoftext|>"There are many different ways to earn money, but for me that's not the important thing," he told Bloomberg. "If I have a business that I'm trying to market to others and if it's good, and I can make an extra $50 an hour by doing that, then I will."<|endoftext|>From left, Gov. Bob McDonnell, Sen. Mark Warner of Virginia, Sen. Tim Kaine of Virginia and Rep. Scott Rigell of Virginia have signed a letter to Congress arguing against a new "bail-out" for failed auto makers. (AP Photo/Steve Helber, Pool)

The White House has asked Congress to stop an effort to allow automakers to use the Troubled Asset Relief Program, or TARP, to buy companies and services.

The administration's position in Wednesday's letter, which was obtained by Bloomberg News, is that Congress should pass legislation instead to stop the program's use.

The administration wants Congress to establish an "all-too-familiar scenario in which the TARP funds are transferred to the banks and investors for an immediate purchase of a company and the TARP money is quickly reallocated by the Treasury Department into a different business project," according to the White House. In that scenario, the U.S. Treasury would receive enough money to buy a failing auto manufacturer but instead would transfer all of the money to the U.S. investment banks and bondholders.

[Faulty car models make millions from U.S. taxpayers. If TARP stops that, it could force them to go overseas.]

Some Republicans are pushing to allow the Treasury to transfer TARP proceeds into private accounts that have little risk of default. But the letter is a step in that direction, suggesting that Congress, if it chooses to do so, would create an account at the Fed for auto companies to use their TARP funds to buy products and services.

The White House is urging lawmakers to limit the use of TARP funds to the auto industry and make sure that the program is only used for troubled automakers that produce more than 50,000 cars.

"The situation that is unfolding in Detroit  in terms of the state of the U.S. auto industry  is no closer to resolution. Instead, it is becoming increasingly clear that this crisis is a result of the U.S. financial system and policy, rather than of any fault on the part of the auto companies themselves," according to the letter, which was signed by Obama