Michigan Senator: GM and Chrysler likely to get more U.S. aid

According to senator Carl Levin of Michigan, the Obama administration’s auto task force is likely to recommend more aid for the struggling General Motors and Chrysler. It is said that the task force’s March 31 deadline may be moved up by a week.

Levin told reporters that “it is clear” that any additional loans will come with a new round of conditions on restructuring the two automakers.

Both General Motors and Chrysler have received $17.4 billion in taxpayer assistance since December. The two are now requesting additional loans of up to $22 billion. Any loan for GM and Chrysler will have to be approved by Congress.

– By: Omar Rana

Source: CNNMoney