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December 22, 2008

Bush OKs $17.4 Billion Loans for GM & Chrysler
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On Friday, President Bush said the government would provide $17.4
billion in emergency loans to General Motors and Chrysler. In return,
the carmakers have agreed to provide a restructuring plan by March 31
that would show they would survive, or they would be required to repay
the loans.

President Bush: “There’s too great a risk that bankruptcy now would lead
to a disorderly liquidation of American auto companies. My economic
advisers believe that such a collapse would deal an unacceptably painful
blow to hardworking Americans far beyond the auto industry. It would
worsen a weak job market and exacerbate the financial crisis. It could
send our suffering economy into a deeper and longer recession. And it
would leave the next president to confront the demise of a major
American industry in his first days of office.”



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