White House Announces Bailout Loan Program for Automakers

And away we go.

WASHINGTON (CNN) -- The federal government will provide $13.4 billion in loans to Detroit automakers, the White House said Friday.

An additional $4 billion may be available in February, the Bush administration said.

"The terms and conditions of the financing provided by the Treasury Department will facilitate restructuring of our domestic auto industry, prevent disorderly bankruptcies during a time of economic difficulty, and protect the taxpayer by ensuring that only financially viable firms receive financing," according to a statement released by the White House.

The loans are designed to stabilize U.S. automakers through March 2009, at which time the automakers must show they are financially viable.

You're welcome.

Oops - As Rocketeer points out in the comments, Ford declined to participate in the bailout. Missed that part of the story. I've got nothing against Ford, honest.

So if you want to buy American, reward the company that's doing the right thing.

Also, FYI - here's a list of products made by UAW workers.

posted by Slublog at 09:09 AM

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