© 2023 Connecticut Public

FCC Public Inspection Files:
WPKT · WRLI-FM · WEDW-FM · Public Files Contact
Play Live Radio
Next Up:
0:00 0:00
Available On Air Stations

Detroit Could Get $17 Billion In Short-Term Loans


NPR's businesses news starts with a $17 billion bailout for Detroit.

(Soundbite of music)

INSKEEP: OK. President Bush announced the terms this morning, and here's what we know so far: Most of the money goes to General Motors; the rest goes to Chrysler. They are the automakers in the biggest trouble. Ford says it is OK for the moment. Most of the money comes right away and gets the automakers through the holidays. The rest of it comes next month, provided that Congress allows it. All of this funding would come from the money that Congress approved for the financial bailout earlier this year. And by the way, Treasury Secretary Henry Paulson is now saying that the first half of that bailout is now essentially exhausted, and Congress will need to approve the next $350 billion of it for financial industries. As for the automakers, these are short-term loans. The companies will have only until the end of March to restructure and cut costs or, President Bush says, they will face bankruptcy. Transcript provided by NPR, Copyright NPR.

NPR transcripts are created on a rush deadline by an NPR contractor. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.

Stand up for civility

This news story is funded in large part by Connecticut Public’s Members — listeners, viewers, and readers like you who value fact-based journalism and trustworthy information.

We hope their support inspires you to donate so that we can continue telling stories that inform, educate, and inspire you and your neighbors. As a community-supported public media service, Connecticut Public has relied on donor support for more than 50 years.

Your donation today will allow us to continue this work on your behalf. Give today at any amount and join the 50,000 members who are building a better—and more civil—Connecticut to live, work, and play.