Sunday, December 21, 2008

Bush Approves Auto Bailout

$17.4-billion Buys Time For Detroit
Restructure fast or go bust. That was the blunt message U.S. President George W. Bush delivered to General Motors Corp. and Chrysler LLC Friday as he grudgingly approved $17.4-billion (U.S.) in emergency bridge loans for the cash-starved car makers. Even with the infusion, many experts said one or both of the companies may still be forced into bankruptcy protection after March 31, 2009, when Washington can call the loans. And analysts said Chrysler, the smallest of the Detroit Three, may not survive as an independent car maker.

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