Breaking News: Bush to Offer $17.4 Billion in Loans

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Justin Hyde from the Detroit Free Press Washington Staff: The Bush administration will offer General Motors and Chrysler loans totaling $17.4 billion in return for strict conditions mirroring those proposed by Senate Republicans last week. Those terms include not only the conditions agreed to by congressional Democrats, but new limits sought on the UAW contracts including matching wage and benefits of foreign automakers with U.S. plants by the end of next year. The money will come from the $700-billion bailout of the financial industry and the first loan of $13.4 billion will be available immediately, with a second amount of $4 billion available in February assuming the Obama administration draws down the second half of the bailout funds.

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