American Auto Bailout Is A Go

December 19. 2008

Henry Paulson: hey, why not!

The U.S. auto industry will receive $13.4 billion dollars in loans from the government to stay afloat during the unprecedented financial crisis the nation is currently experiencing.

STORY SOURCE

GM and Chrysler Will Get $13.4 Billion in U.S. Loans (Update8)

…The package is intended for GM and Chrysler initially. Ford Motor Co., the second-biggest U.S. automaker, has said it can continue operating without aid for now. The loan term is three years.

GM would get $4 billion by Dec. 29 and $5.4 billion by Jan. 16. Chrysler would get $4 billion by Dec. 29. GM would get another $4 billion by Feb. 17, provided Congress releases the TARP funds.

http://www.bloomberg.com