theCarfanatic.com

President Bush will announce later this morning he has approved short-term loans to prevent automakers from collapse, rejecting the idea of a managed bankruptcy.

Bush is expected to tap some of remaining funds in the $700 billion Wall Street rescue package — about $15 billion — to aid automakers. General Motors Corp. said it needs $4 billion this month and $4 billion next month, while Chrysler LLC said it needs $7 billion to survive through March 31. The loans will come with significant strings and will be called back if automakers don’t make significant progress on long-term restructuring plans.

The White House said a 9 a.m. event was scheduled “on the administration’s plan to assist automakers.”

via detnews.com

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