“The federal government will provide $13.4 billion in loans to the nation’s automakers, President Bush said today. “Allowing the U.S. auto industry to collapse is not a responsible course of action,” Bush said in announcing the plan. The money will come from the $700 billion fund set aside to bail out Wall Street firms and banks in October.”
“Allowing the U.S. auto industry to collapse is not a responsible course of action,” President Bush said Friday morning.
“The terms and conditions of the financing provided by the Treasury Department will facilitate restructuring of our domestic auto industry, prevent disorderly bankruptcies during a time of economic difficulty, and protect the taxpayer by ensuring that only financially viable firms receive financing,” according to a statement released by the White House.
An additional $4 billion may be available in February, the Bush administration said.
