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President-elect (you won’t be hearing that much longer) praised the Bush Administration to provide $17.4 billion in loans to bail out General Motors and Chrysler. However, he said there is still more work to do and that automakers must end “bad management practices.”

“With the short-term assistance provided by this package, the auto companies must bring all their stakeholders together — including labor, dealers, creditors and suppliers — to make the hard choices necessary to achieve long-term viability,” Obama said in a statement.

Under the term of the deal GM and Chrysler will have access to $4 billion on Dec. 29.

The plan calls for significant progress by March 31 or be required to return the loans.

Source: Detroit News