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.
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