Some $17.4 billion worth of emergency loans will be approved by President George W. Bush to bailout the automakers.

The rescue package is set to save hundreds of thousands of jobs, but there has been a rallying cry by the public for the US car industry to settle its own financial affairs, rather than needed a government handout.

General Motors, Ford Motor Co and Chrysler LLC will have some $13.4 billion of new stash ready by December.

The news of the bailout saw U.S. stocks rose and General Motors shares end with a 10.9 per cent increase.