Using the Troubled Asset Relief Program (TARP), President Bush has granted General Motors and Chrysler $13.4 billion in federal loans. General Motors will get the bulk of the loan, receiving $9.4 billion.
The loans have a term of three years. However according to CNN, "The money will have to be repaid in full within 30 days if the firms do not show themselves to be viable by March 31."
President-Elect Barack Obama is in favor of Bush's decision to bailout the automakers, calling it a "necessary step."