GM Back in Line For $5 Billion More Bailout Funds - Chrysler Asking for $500 Million

The Obama auto task force is preparing to loan General Motors Corp. about $5 billion in additional federal short-term aid, and Chrysler LLC $500 million, an Obama administration official familiar with the matter said Thursday.

The disclosure assigns a dollar amount to the pledge of continued short-term support issued late last month by the administration, after it rejected GM's and Chrysler's restructuring plans and requests for up to $21.6 billion in additional assistance. The official said the decision was expected to be announced next week -- though the precise amounts were still the subject of talks between the government and the automakers.

The White House said Thursday night no decision had been made about how much either automaker will receive. "No decisions have been made on how much working capital GM and Chrysler will be getting," said spokeswoman Amy Brundage.



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HSCenterconsole - 4/17/2009 11:29:27 AM

+2 Boost

Enough is enough. Stop wasting taxpayer money on companies that will have to eventually file for bankrupcy.

roundwego - 4/17/2009 11:56:07 AM

+4 Boost

I think a stipulation should be that the head of the UAW resigns or as much as it pains me to say this: No More Money.

Joe_Limon - 4/17/2009 12:37:26 PM

+6 Boost

Make them go bankrupt then give them the money.

upwards - 4/17/2009 4:51:53 PM

-1 Boost

That would go against the point of them going BK and why give a company maoney after that when cleary no one will buy cars from a BK company.

lock - 4/17/2009 5:17:42 PM

+2 Boost

Yah, that's it, keep feeding the fire. Quit spending our money to keep them afloat!

MrBratwurst - 4/17/2009 5:32:57 PM

0 Boost

Which one of those guys is 1UAW?

vvelez - 4/17/2009 11:54:24 PM

+2 Boost

YAY more money to companies that will file for bankruptcy then wont have to pay it back makes perfect sense.

Type707 - 4/18/2009 3:18:28 AM

+1 Boost

Have GM and Chrysler implemented a sustainable plan yet? It seems that Mr. Obama hasn't learned that investing into something that's not producing revenue is bad news.

delan - 4/18/2009 6:55:34 AM

+4 Boost

He gave them until June 1st. After that the plug will be pulled. And it's PRESIDENT Obama, Thanks.

mpls - 4/18/2009 4:15:05 AM

+1 Boost

Is it time to refer them to the WTO.