when did the government bailout the auto industry
Automotive industry crisis of 2008–10 In September 2008, the Big Three asked for $50 billion to pay for health care expenses and avoid bankruptcy and ensuing layoffs, and Congress worked out a $25 billion loan.[87] By December, President Bush had agreed to an emergency bailout of $17.4 billion to be distributed by the next administration in January and February.[88] In early 2009, the prospect of avoiding bankruptcy by General Motors and Chrysler continued to wane as new financial information about the scale of the 2008 losses came in. Ultimately, poor management and business practices forced Chrysler and General Motors into bankruptcy. Chrysler filed for chapter 11 bankruptcy protection on May 1, 2009[89] followed by General Motors a month later.[90]