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GM, Chrysler Get Bailed Out, Gov. Daniels Still Skeptical

Last updated on Monday, December 22, 2008

(UNDATED) - A skeptical reaction from Governor Daniels to the automaker bailout loans announced by President Bush.

Daniels says the US needs to make sure there's a genuine restructuring at the automakers, so that the companies don't simply run through the money and end up back where they started in a few months.

Friday, President George W. Bush approved $17.4 billion in emergency loan funding to the Detroit automakers in an effort to keep them out of bankruptcy.

The money comes out of the remaining 1st-half funds of the even-more-controversial Wall Street bailout package. Both GM and Chrysler will receive $4 billion by December 29th in a first disbursement, and GM could receive another $5.4 billion next month.

Additionally, the Canadian government in Ottawa has issued almost $3.3 billion in loans to Detroit's Canadian operations.

Network Indiana contributed to this story

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