The big news happened moments ago. President Bush announced that the government will loan automakers $17.4 billion. "The time to make hard decisions to become viable is now, or the only option will be bankruptcy," he said.
The loans have strings attached, and the companies have to come up with the restructuring plan by March 31. Note that $17.4 billion is about all that's left of the $350 billion Treasury has been authorized to spend. Time to go back for the rest of that $700 billion.
Remember we promised you we'd find out how the stock injection idea got into big bailout bill? (Adam got a mysterious late night phone call at the time telling him it was in there.) Well, we'll have the answer for you on the podcast today.
Most of the Planet Money folks are in meetings, but we'll be talking to you soon.