GM & Chrysler Reach Deal With White House

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The head of Chrysler is thanking the Bush
administration for help during the company's cash crisis.
CEO Bob Nardelli says the infusion of capital will boost
Chrysler in the short-term and help it eventually return to
profitability.
General Motors CEO Rick Wagoner says the automaker has
significant work ahead after receiving the government help. But
he's confident GM will work with stakeholders to make the company
viable.

The plan includes making available about $9 billion in loans to
General Motors and $4 billion to Chrysler in the coming weeks. Both
companies have said they soon might be unable to pay their bills
without help. Ford has said it does not need federal aid.

Some lawmakers are not happy about the plan. House Republican
leader John Boehner calls the auto-rescue "disappointing news."
But President-elect Barack Obama says the move will help the
industry avoid a potentially devastating collapse.

Auto workers are hailing the plan, with one worker calling it a
nice Christmas present.


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