Bush Announces Auto Company Loan Package

December 19, 2008 12:00:00 AM PST
President Bush announced the government's plan to help Chrysler and General Motors with a loan package.The Bush Administration has been looking at several plans including an orderly bankruptcy process and short-term loans.

In a statement Friday morning, the president said the federal government will provide $17.4 billion in short-term financing. The automakers would get low-interest loans, allowing them to stay afloat into the new year. But the auto makers will need to restructure.

The president said in normal circumstances, he would not help companies that failed, but said these are not normal times and he must help the American worker and an American industry.

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