White House Rescue Plan
Federal Loan Provisions
President Bush announced that the Treasury Department will make loans available from the Troubled Asset Relief Program (TARP) to assist the domestic auto industry in becoming financially viable. The terms and conditions of this financing will facilitate the restructuring of our domestic auto industry, prevent disorderly bankruptcies during a time of economic difficulty, and protect the taxpayer by ensuring that only financially viable firms receive assistance. These auto manufacturers will be provided with $13.4 billion in short-term financing from the TARP. An additional $4 billion would be made available in February, contingent upon drawing down the final tranche of TARP funds.The…
