Posted on 02/16/2009 6:55:55 PM PST by GOPGuide
Obama administration sources tell me that tomorrow they will release $4-billion to General Motors Corp.
The White House move comes one day before car giants General Motors Corp. and Chrysler LLC are scheduled to submit cost-cutting plans to the administration in exchange for some $17.4-billion dollars the government lent them in December.
The Obama administration was to have six weeks to rule on the future of the U.S. auto industry, with a March 31 deadline for deciding whether GM can keep the $13.4 billion and Chrysler the $4 billion given to them.
But White House officials tell me that no one wants GM to go under while they assess this long-term restructuring plan.
They believe this $4-billion is essential to keeping GM afloat until their decision in March.
Some of us realized this long ago and stopped buying their products and had therefore avoided heartburn that way.... but now, they’re giving it to us again and we aren’t even going to get a semi-usable car out of the deal!
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