Automakers get $17.4 billion

President George W. Bush announced this morning that GM and Chrysler will get $17.4 billion in short-term rescue loans. The loans will be from the $700 billion bailout fund established in October for banks and Wall Street. "Allowing the U.S.

President George W. Bush announced this morning that GM and Chrysler will get $17.4 billion in short-term rescue loans.

The loans will be from the $700 billion bailout fund established in October for banks and Wall Street.

"Allowing the U.S. auto industry to collapse is not a responsible course of action," the president said this morning, arguing that inaction would result in "an unacceptably painful blow to hardworking Americans."

Ford Motor Company has said it doesn't need immediate government aid.

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