Treasury Lends $2B More To General Motors

Gov't Provides Working Capital To Troubled Automaker Facing Restructuring Challenges

(AP)  The Treasury Department says it has provided General Motors Corp. with another $2 billion in federal loans as the giant automaker struggles to restructure.

The Treasury said that the payment was made to GM on Wednesday and provides working capital to the company.

A government report revealed earlier this week that the Treasury was prepared to provide GM with up to $5 billion more in federal loans and Chrysler with up to $500 million more in bailout support as they race against deadlines to restructure.

GM has until June 1 to complete restructuring plans that satisfy the government's auto task force, while Chrysler has until April 30.

[clancy49]

We continue to give money to save jobs? The same day reports 21,000 more are laid off in the auto industry. Huh? More money to save jobs but the layoffs are greater. Is this were reality and propaganda mix?

[geminispyder-2009]

This article did accomplish something: it reminded me to pay my credit card bill; something the banks and the Big 3 can't do.

Of course, I am responsible with my money, but won't be rewarded with a bailout.

[formrusmcsgt]

Rewarding incompetence is no recipe for success....

[budmag06]

When will the handouts end?

[horse3farm]

Obama seems to be following the path Bin Laden proclaimed: destroy America from within...financially.

[bearcats22]

are the old time retiries getting this money , they got all the other money they are the smart ones . they uaw.

[keithle1]

What's the point? They'll go through that in about three minutes. Is the government going to save every big company that's going down the tubes fast? You can't make people buy GM or Chrysler cars. Small businesses disappear all the time. No one is trying to bail them out. They don't make the national news. Other than the owners, who cares. But if you're a huge company with 60,000 to 100,000 employees then suddenly it's a different story. They have been in business for almost a 100 years. If they haven't figure out how to be profitable by now, when will they for crying out loud. Might as well burn the money or shove it down a rabbit hole. Business is not for sissies. Obama & our government need to spend money on things people want like health care, higher education, etc.

[rhs648]

One poster made a good point. President Bush is looking better and better.

[clearclarity]

Loud groan....Gods when will it ever end. Why do we keep handing money to all these places that screwed up so bad. When did it become cool to reward failure????

[tx_doughboy]

Awww, come on now???? ***! Where does this end!