President Bush says the U.S. will provide $17.4 billion dollars in short-term loans to automakers. The loans go to GM and Chrysler — not Ford, which says it can do without for now. The automakers will have to make some concessions. The president described these as short-term loans — which could be called in a few months if the automakers fail to change.
Adding his voice to the conversation is Paul Ingrassia, a veteran auto industry reporter, who now writes for Conde Nast's Portfolio.