Obama agrees to the strings-attached restructuring plan.
Alex Brandon/AP
President Bush will offer low-interest loans to General Motors and Chrysler to keep them running into the new year. "The White House has been talking to the Obama team on its strategy, and the incoming Democratic administration has expressed no objections to the plan," ABC News reported. The loans will require the companies to restructure and get "tough concessions from creditors, suppliers and the labor union," according to ABC. "It's all about viability," one official told Politico. "We aren't going to throw good money after bad." Bush is scheduled to announce the offer at 9 a.m. ET.
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