US government gives automakers $17.4 billion in bail-out loans
December 20, 2008
The United States government has announced that it will give US$17.4 billion in loans to help three of the nation's automobile makers - Chrysler, General Motors, and Ford - avoid bankruptcy.
The money will be taken from the $700 billion bailout package originally intended to rescue US banks. General Motors will get $9.4 billion and Chrysler $4 billion before next year. Ford stated that it wants to get by without government aid.
President George Bush said that it would not be "a responsible course of action" to allow the companies to collapse.
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