Newsy

REPORTS

U.S. AUTOMAKERS OFFERED

December 19, 2008 12:00 AM

U.S. President George Bush says GM & Chrysler will receive emergency aid. The $17.4B U.S. will come from the $700B bailout package approved several months ago. $13B will be available in December and January, the last $4B will be available in February. President Bush said allowing the U.S. automakers to go bankrupt in current economic conditions would only make things worse. Bush also said he didn't want to leave a difficult situation for President-elect Barack Obama when he takes office in January.

POLITICO

POLITICO covered the President's remarks, in which he said disorderly bankruptcy could cause additional problems for the U.S. economy:

"Such a collapse would deal an unacceptable blow to Americans far beyond the auto industry. ... It could send our suffering economy into a deeper and longer recession." - President Bush