UAW’s Gettelfinger: General Motors and Chrysler may not need more federal loans

Ron Gettlefinger, the UAW President, said today that General Motors and Chrysler may not need additional federal funding beyond the $17.4 billion already approved by President George W. Bush and the White House. Gettlefinger said that the money should be sufficient depending on sales volume.

“If we can get by without more money, that’s what we want to do,” Gettelfinger told Automotive News in an interview.

GM and Chrysler have received a total of $8 billion so far with GM getting $4 billion and Chrysler getting the other $4 billion. GM will get another $5.4 billion on Jan 16th. Sources close to GM say the earmarked $13.4 billion should be enough for GM.

“We’ve got enough” the source said, “in terms of what our downside scenario is” for U.S. sales this year.