Can we say Tues or Wed next week yet?
Can we say Tues or Wed next week yet?
Wednesday, December 17, 2008
Auto loans could come by Friday
Treasury Dept. getting input from nation's banks before deciding whether to help struggling industry.
David Shepardson / Detroit News Washington Bureau
WASHINGTON -- Treasury Department officials are weighing the condition of the nation's banks before they loan money to General Motors Corp. and Chrysler LLC, possibly by Friday.
Treasury Secretary Henry Paulson said automakers would soon get emergency loans but the department is still asking detailed questions of automakers before it allocates any money from the $700 billion Troubled Asset Relief Program, or TARP. GM and Chrysler are seeking up to $15 billion in emergency aid to keep them afloat through the beginning of next year.
President Bush has signaled he'll provide money to the automakers and a decision is going to come soon.
The Treasury, however, wants to ensure that it has enough money in reserve so it can inject liquidity into banks in the remaining month the Bush Administration is in office.
"The autos will get the money as quickly as we can prudently do it," Paulson told CNBC......read rest of story at detnews.com
