The Bush administration is offering 17.4 billion in loans
WASHINGTON (AP) -- The Bush administration came to the rescue of the troubled U.S. auto industry Friday, offering $17.4 billion in loans in exchange for concessions from carmakers and their workers.
"Allowing the auto companies to collapse is not a responsible course of action," President Bush said.
He said that a bankruptcy was unlikely to work for the auto industry at this time and would deal "an unacceptably painful blow to hardworking Americans" across the economy.
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