GM to get another $5.4B by Jan. 16

WASHINGTON, Jan. 6 (UPI) -- General Motors Corp. will be able to tap into a second helping of federal loans totaling $5.4 billion on Jan. 16, the U.S. Treasury Department says.

The loan is part of the federal government's $13.4 billion effort to rescue the failing U.S. automaker, the Detroit Free Press reported Tuesday. GM and Chrysler LLC both received $4 billion loans last week and GMAC, the GM's former loan division that has become a bank holding company, has received $6 billion under the $700 billion federal financial bailout plan.

The Free Press said the Treasury cannot lend the additional $4 billion it promised GM without tapping the second half of the bailout fund, a move that could face congressional opposition.

The rest of the first $350 billion has been pledged to ailing banks and financial institutions.