I am completely unsure of the details, but if this is just a requirement that those who receive bailout funds are required to buy American first while they are spending the money, then I have no problem with it. It is small small potatoes, and not even what I would call classic protectionism (Tariffs or Quotas and such).
If, however, the bailouts are being used as a rationale to raise REAL protectionist barriers, then I have a huge problem with them.