Bush Bails Out Detroit
President Bush is announcing a $17.4 billion bailout for auto manufacturers, with the loans contingent on the firms proving that they can become "viable" ongoing firms.
Of the total, $13.4 billion will be paid out in December and January The last $4 billion is contingent on the second installment of the Wall Street bailout funds from Congress.
The announcement immediately affects GM and Chrysler, not Ford, administration officials said.
The firms do not have to be profitable but have to be "profitable soon," a senior administration official said.