WASHINGTON — The $13.4 billion that will be paid out to Chrysler and General Motors over the next month is a small down payment, CUNA Chief Economist Bill Hampel said.

In reaction to President Bush's announcement this morning to administer a $17.4 billion total loan package to the two automakers, Hampel said, "In an economy that requires a mass financial stimulus next year, this is basically a small down payment."

The $13.4 billion in loans will be available immediately to Chrysler and GM and the rest of the funds will come next year if the two companies are financially viable by then.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.