$17.4 Billion Auto Bailout Approved


President Bush granted GM and Chrysler $13.5 billion in emergency loans, plus another $4 billion, on the condition that they can make themselves profitable by March 31. “Under the plan, Mr. Bush essentially handed off to President-elect Barack Obama what will become one of the first, most difficult calls of his presidency: a political and economic judgment about whether G.M. and Chrysler are financially viable.” [NYT]