George Bush Approves $17.4 Billion for U.S. Automakers Bailouts

U.S. President George Bush has approved a $17.4 billion loan for the struggling automakers in the nation, announcing the funds would come from the initial $700 billion bailout designated for the financial sector earlier this year.

In making his announcement Bush declared allowing the U.S. carmakers to fail would not be “a responsible course of action” but stipulated the Big Three, General Motors, Chrysler and Ford, would have to become viable by the end of March.

Bush noted the course to viability would require “meaningful concessions from all involved in the auto industry.”

The loans will distribute $14 billion by the end of December with the rest of the loans to be distributed at a later time.

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