- The Washington Times - Wednesday, April 8, 2009

WASHINGTON (AP) — The Treasury Department says General Motors Corp. and Chrysler LLC have launched financing support programs for auto suppliers backed by $5 billion in government funds.

The programs provide government guarantees that money owed to the suppliers by the ailing auto makers will be paid. It’s funded by the $700 billion bailout fund.

Treasury spokeswoman Jenni Engebretsen says the programs will restore credit in a sector that employs more than 500,000 people.

The department said last month it would provide financial assistance to the auto suppliers.

Besides money from the bailout fund, the government is supporting the auto industry with about $25 billion in loans.

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