US President George W Bush on Friday announced $17.4 billion aid for the ailing US automakers.
General Motors and Chrysler will get $13.4 billion in initial government loans immediately to avert bankruptcy.
“In the midst of a crisis and a recession allowing the US auto industry to collapse is not a responsible course of action.” he said.
“The automakers and unions must understand what is at stake and make hard decisions necessary to reform,” Bush said.
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