The Rescue Bit is not unique. It is just a good quality carbide burr.
Buy a set of Carbide burrs and a set of Left Hand Cobalt drill bits for the same money and have a more versatile arsenal of weapons? For example:
https://www.amazon.com/Tools-Cobalt-64-Inch-Assortment-30520/dp/B0002NYBJG
https://www.amazon.com/Grip-Carbide-Rotary-Burr-Set/dp/B013WHOEMW

Too late. Damm.
This is what happens when I am trying fix things before my wife finds out. "Why do you keep fixing an unbroken car". Ugh.

Next time, thanks

My pleasure.
Now your wife has two items for under the Christmas tree for you :-).

First I am not a welder.But i`ve seen it done but not in this exact application.

Post a photo of the mess...then I can tell you exactly what to do.

For such a small bolt, Mig is too hot and clumsy.It is 1/8" diameter !!! If it was 1/4" maybe,1/2" certainly.
Tig would be a much wiser choice because it is far more precise and will cause much less localized heating.Lets see what Mr. Diablo says?

Easy out is gone. A bit weary of trying another. When I was at the auto part store the other day they had a kit for re threading a 6mm hole. Seem to use a drill, then a tap to thread the hole and then am insert you screw into the tapped hole. 6mm bolt then gets screwed in. Do those sets work?

I have used helicoil to repair threads before, I stripped one side of my rear sway bar bushings and the helicoil fixed it :)

Edit: I think that's what you mean. I got mine from amazon, Napa,also has them but more expensive. Fastenal also has them, priced comparable to amazon. The kit has the tap and the inserts but nit the right size drill bit but I tells you which one, usually odd size job bits.

Time serts are better than helicoils imho
++ TIME-SERT Official Threaded inserts for stripped threads, blown out sparkplugs,

How much are time serts? The set I saw was $30.

Broken bolt repair is not usually considered an issue to haggle over price for an effective repair.
https://www.amazon.com/TIME-SERT-Metric-Thread-Repair-1610/dp/B001JK802K
Here is a video that explains why Time Sert is better:
https://www.youtube.com/watch?v=RptM-jCzLtQ

Removing a broken bolt with a TIG welder:
How to Remove a Broken Bolt

A Heli-Coil is perfect for this application. Yes, you drill the hole a bit oversized, then tap is to the outer thread of the insert, then screw a "spring" like device in that is the thread on the outside and inside. Clean the new big threads with a bit of brakekleen, a drop or 2 of locktite on the outside of the insert, screw it in and leave it overnight so the loctite can dry. Use a normal thread.

If you do a helicoil, see if you can find a stud. The tarret kit came with a bunch of extras, if I have one I'll send it to you. I'll check tonight.

Thanks. I'll go with the heli. Am I going to have a tough time tapping the metal the wheel carrier is made of?

No ;) I believe it is aluminum, very soft. You will go through it like butter... When tapping go slow and I like to add some cutting fluid in the hole - I actually have some that sprays like foam so that it adheres to the wall and lubricates while you are tapping.

Thanks. When you say cutting oil, will wd-40 work if I can't find specific cutting oil?

WD-40 will cool the bit but so would spraying it with water. You need a specific fluid to keep the drill bit & the tp clear of debris.There is no substitute for cutting oil really.
Like this=
https://www.amazon.com/Oatey-30203-Cutting-Threading-16-Ounce/dp/B014CV7C1W

Thanks. When you say cutting oil, will wd-40 work if I can't find specific cutting oil?

You don't need to go out and buy cutting oil to tap one tiny hole :D
WD-40 or even a drop of olive oil on the tap will be more than enough. :p