Breaking: Bush to announce auto bailout at 9 a.m.

The White House has decided to come to the rescue of General Motors and Chrysler by providing them with low-interest loans, ABC News has learned…

The White House has been talking to the Obama team about its strategy, and the incoming Democratic administration has expressed no objections to the plan, sources told ABC News. President-elect Obama will take office on Jan. 20.

The loans come with strings attached. The automakers will need to restructure, getting tough concessions from creditors, suppliers and the labor union. The key phrase from the White House will be “viability.”