President George Bush has announced a $17.4 billion loan program to rescue Chrysler and General Motors. $13.4 billion would be available now and $4 billion more would be available in February. The funds will come from the Troubled Assets Relief Program (TARP) originally earmarked to assist the financial markets.
The loans will come with most of [...]
The Bush Administration has said it would consider immediate aid for the Detroit automakers if Congress approves it, but does not want to tap the $700 billion included in the Emergency Economic Stabilization Act. According to White House spokeswoman Dana Perino, that program was designed to help financial institutions and there was no specific discussion [...]
President Bush signed a $630 billion government spending bill on the last day of September. Included in the legislation is the funding for the $25 billion in low-interest loans for the auto industry.
The loan program, to be administered by the Department of Energy, is intended to help car companies retool plants to produce a new generation of [...]
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