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President Bush: US automakers to get $17.4B

(Agencies)
Updated: 2008-12-19 22:33

WASHINGTON -- The Bush administration came to the rescue of the deeply troubled US auto industry Friday, offering $17.4 billion in loans in exchange for concessions from carmakers and their workers.

A lot employee looks over Dodge Ram trucks parked in a holding lot in Warren, Mich., on Thursday, Dec. 18, 2008. The Bush administration came to the rescue of the deeply troubled US auto industry Friday, offering $17.4 billion in loans in exchange for concessions from carmakers and their workers. [Agencies]

"Allowing the auto companies to collapse is not a responsible course of action," President George W. Bush said. Bankruptcy, He said that a bankruptcy was unlikely to work for the auto industry at this time and would deal "an unacceptably painful blow to hardworking Americans" across the economy.

One official said $13.4 billion of the money would be available this month and next, $9.4 billion for General Motors Corp. and $4 billion for Chrysler LLC. Both companies have said they soon might be unable to pay their bills without federal help. Ford Motor Co. has said it does not need immediate help.