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Friday, May 22, 2009

GM gets Billions More from Taxpayers - Bankruptcy Looms

NEW YORK -- General Motors Corp. said Friday that it has borrowed an additional $4 billion from the Treasury Department, meaning the automaker has now accepted $19.4 billion in loans from the U.S. government.

GM started taking government money in December and said it intended to borrow $2.6 billion more by June 1 and an additional $9 billion after that. But in a regulatory filing Friday, GM said it needed $1.4 billion sooner than originally forecast.

The company didn't publicly disclose how it will use the money but said it provided the information to Treasury officials, and they considered the loan acceptable.

"We appreciate President Obama's and his administration's ongoing support of GM and the domestic U.S. auto industry as we undertake the difficult but necessary actions to reinvent our company," the company said in a written statement.

GM said it now expects to need $7.6 billion in loans after June 1. - FOX News Story

It is pretty sad at how much money we are forking out to GM. Rumor has it that they are heading for Bankruptcy even with the Taxpayer Support.

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