The Detroit News reports that President Bush has announced Friday morning a $13.4 billion bailout for General Motors and Chrysler.

The structure of the bailout is different from that of the financial sector’s recent $700 billion bailout, in that it is in the form of a short-term loan, with apparent strict conditions. 

The 3-year loan calls for another $4 billion in February, bringing the total to $17.3 billion.
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