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Rattner: GM, Chrysler May Need 'Considerably' More Govt. Money

Ailing Detroit automakers GM and Chrysler may need “considerably” more government bailout money than they've already asked for, said Steve Rattner, Treasury's de factor "car czar."

So far, GM and Chrysler have asked for $21.6 billion. But Rattner said that figure could go as high as $30 billion or $40 billion, according to an interview earlier today on Bloomberg TV, The Post's Kendra Marr reports.

“It could be considerably higher, I won’t deny that,” Rattner said, when asked whether U.S. aid sought could rise to $30 billion or $40 billion.

GM and Chrysler have so far received $17.4 billion. Last month, they asked for an additional $4.2 billion.

“What they’ve asked for depends on them achieving plans that are somewhat ambitious,” Rattner said. “Like all management teams they tend to take a reasonably, slightly perhaps, optimistic view of their business. So it could be more, I can’t rule that out.”

-- Frank Ahrens
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By Frank Ahrens  |  March 20, 2009; 1:49 PM ET
Categories:  The Ticker  | Tags: Chrysler, GM, Steven Rattner, automakers, bailout  
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