General Motors has apparently proven their mettle and will get the next round of government financing. A White House aide leaked this news ahead of today's deadline.
GM has already received $9.4 billion in government loans and this will be their final installment according to the bill that was signed before this past Christmas. Chrysler is expected to receive another $3 billion as well, but we have not heard their decision.
President Barack Obama has decided to launch a government task force for restructuring the U.S. auto industry instead of naming a "car czar" with sweeping powers.
As reported this past weekend, he is appointing Treasury Secretary Timothy Geithner as his "designee" for overseeing auto bailout loans and as co-head of the new high-level panel together with White House economic adviser Lawrence Summers, a senior administration official said on Sunday.
What will happen after they receive this next round of government loans? Will this be enough to right the ship or will it take much more drastic measures and paradigm changes to cure their ills?
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