Friday, December 19, 2008

Auto Industry is Temporarily "Bailed Out" (Video)

Bush will us the designated TARP funds, bypassing congress, to give the Big 3 the bridge loan that they need.

Ailing U.S. automakers and their workers accepted huge concessions Friday, potentially including a partial nationalization, in return for a $17.4 billion federal rescue package meant to buy them time to survive.

President George W. Bush outlined a plan that would hand $13.4 billion this month and next to General Motors Corp. and Chrysler LLC. Both companies have said they soon might be unable to pay their bills without federal help.

GM would get $9.4 billion and Chrysler $4 billion. Ford Motor Co. has said it does not need immediate help.

President Bush


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