Automotive News reports that General Motors (NYSE:GM) has received the second installment of the auto bailout money pledged by former President Bush out of the TARP funds appropriated by Congress just prior to the election.
 

“GM confirmed that it did receive today the second draw of its U.S. Treasury loan,” GM spokeswoman Renee Rashid-Merem said…

The loan payout was the second in a total of $13.4 billion pledged to GM by the U.S. Treasury.

GM has now received $9.4 billion of that amount and expects to get a final $4 billion payment on Feb. 17 when it faces a deadline to submit a restructuring plan to Congress.

A GM executive said that the company would have run out of money very shortly if they’d not received the funds from the Treasury.