Bush just said that he will provide $17.4bn from the $700bn for use for the financial sector. Although this kicks the can down the road, it is an order-of-magnitude smaller than bailouts to the banks and significantly more demanding than them, too.
I'm not a major fan of the stupidity of American car manufacturing of the past years (bigger is not better in my book), but it seems to me that there was a lot of dirty pool taking place behind the scenes about whether there should be support for the US auto industry. The Republican senators whos' votes killed the congressional "bail-out" were primarily from the South, in states that have laws against unionization and have spent lots of money luring foreign car manufacturers to their state. And they used the "free market" argument to justify their votes. Questionable Authority indicates why this position is a false one.
I'm waiting for someone to put together a map of states of senators voting against the plan and the location of national an non-national car manufacturing plants.