U.S. President George W. Bush has approved an emergency loan up to 17-point-four billion U.S. dollars to help General Motors Corporation and Chrysler stay in business.

In the rescue plan, General Motors will get nine-point-four billion dollars and Chrysler four billion dollars by next month. An additional four billion dollars will be available in February if necessary.

As a result, the struggling automakers will stave off bankruptcy at least through March of next year.

Another U.S. auto giant, Ford Motor Company, which does has enough cash, is excluded from the bailout.

The funds will come from the 700-billion-dollar rescue package that the U.S. Congress approved in October.