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Detroit Could Get $17 Billion In Short-Term Loans

STEVE INSKEEP, host:

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.

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SOMOS CONNECTICUT is an initiative from Connecticut Public, the state’s local NPR and PBS station, to elevate Latino stories and expand programming that uplifts and informs our Latino communities. Visit CTPublic.org/latino for more stories and resources. For updates, sign up for the SOMOS CONNECTICUT newsletter at ctpublic.org/newsletters.

SOMOS CONNECTICUT es una iniciativa de Connecticut Public, la emisora local de NPR y PBS del estado, que busca elevar nuestras historias latinas y expandir programación que alza y informa nuestras comunidades latinas locales. Visita CTPublic.org/latino para más reportajes y recursos. Para noticias, suscríbase a nuestro boletín informativo en ctpublic.org/newsletters.

The independent journalism and non-commercial programming you rely on every day is in danger.

If you’re reading this, you believe in trusted journalism and in learning without paywalls. You value access to educational content kids love and enriching cultural programming.

Now all of that is at risk.

Federal funding for public media is under threat and if it goes, the impact to our communities will be devastating.

Together, we can defend it. It’s time to protect what matters.

Your voice has protected public media before. Now, it’s needed again. Learn how you can protect the news and programming you depend on.