Just catching bits and pieces off MSNBC. 17 bil with lots of strings attached. More when I get it.
WASHINGTON - President George W. Bush will make an announcement about a rescue plan for the ailing U.S. automakers at 9 a.m. ET Friday, the White House said.
He's expected to announce that automakers will get $13.4 billion in short-term financing, which would come from the government's $700 billion financial bailout fund. An additional $4 billion could be available in February.
The auto companies must use the funds to become financially sound. If they are not financially viable by March 31, 2009, the loans will be called and all of the funds will be returned to Treasury. By the government's definition, financial viability is a positive net present value, which takes into account all current and future costs and can fully repay the government loan.
.jpg)