Bush Says He Can't Let Auto Companies Collapse

The White House has announced a plan to rescue troubled U.S. automakers.

By: Associated Press | WSAV-TV
Published: December 19, 2008

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WASHINGTON (AP) - The White House has announced a plan to rescue troubled U.S. automakers.

An official says $9.4 billion would be available this month and next month for GM, and $4 billion for Chrysler. Both have said they might soon be unable to pay their bills without federal help.

Overall, the plan offers $17.4 billion in loans in exchange for concessions from carmakers and their workers.

President Bush says standing by and letting the companies collapse is not a "responsible course of action."

He says the rescue plan will require "meaningful concessions" from the auto companies and others, including labor unions and suppliers. The companies, he says, "must understand what is at stake, and make the hard decisions necessary to reform."