The federal government will make billions of dollars worth of loans available to U.S. automakers to enable them to restructure and invest in fuel-efficient auto technologies like electric vehicles.
At a press briefing on Friday, President Bush announced the outlines of the plan which he said was meant to avoid a "disorderly bankruptcy."
Auto companies will have access to $13.4 billion from the $700 billion that was authorized to shore up the country's financial institutions. Another $4 billion would become available for the carmakers in February. The companies have until March 31 to demonstrate that … Read more