Chrysler Chairman and CEO Bob Nardelli thanked the administration for the loan.
"A letter of intent was signed which outlines the specific requirements that must be achieved," Nardelli said in a statement. "These requirements will require consideration from all constituents, requiring commitment first in principal, leading to implementation this coming year. Chrysler is committed to meeting these requirements."
Ford President and CEO Alan Mulally issued a statement Friday saying the loans for its competitors were welcome.
"The U.S. auto industry is highly interdependent, and a failure of one of our competitors would have a ripple effect that could jeopardize millions of jobs and further damage the already weakened U.S. economy," Mulally said.
Sen. George Voinovich, R-Ohio, co-chair of the Senate auto caucus, thanked Bush for acting.
"I am grateful the president stepped in to help thwart a disaster that would have sent our state over the cliff," Voinovich said. "... there are millions of hard-working Americans today who can breathe easier this holiday season."
Opponents of federal help for the automakers were not swayed Friday.
"It is deeply disappointing that the administration has chosen to use taxpayer dollars to delay the inevitable need to fundamentally restructure these companies," Rep. Tom Price, R-Georgia, said in a statement. "By bailing out automakers without real reform or long-term solutions, we are only protracting uncertainty and putting billions of tax dollars at grave risk."