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GM Takes $2 Billion More From U.S.

The loan will bring the total the financiall strapped automaker has borrowed from the federal government to $15.4 billion.
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General Motors

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says it will draw $2 billion more from the U.S. Treasury in order to maintain adequate liquidity as it restructures.

The loan will bring the total GM has borrowed from the federal government to $15.4 billion.

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CEO Fritz Henderson said last week that GM would need additional funding during the current quarter. In the closing days of the Bush administration, GM said it would need $18 million in federal loans this year.

"The additional funding will be consistent with projected incremental draws that GM could need in the second quarter," the company said in a prepared statement. "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."