GM gets $4B loan, Chrysler waits

WASHINGTON (CNN) - General Motors got the first $4 billion of a series of emergency loans from the U.S. Treasury Wednesday, but fellow struggling automaker Chrysler was still waiting as the new year rapidly approached.

General Motors had said it needed the loan by the end of the month to continue operations; privately-held Chrysler said it will need $4 billion or it will also run out of cash early in 2009.

"Treasury today finalized the loan transaction for GM and funded the first tranche of $4 billion," said Treasury spokeswoman Brookly McLaughlin. "We're working expeditiously with Chrysler to finalize that transaction and we remain committed to closing it on a timeline that will meet near term funding needs."

Chrysler spokeswoman Lori McTavish said discussions with the Treasury Department had been "positive and productive" and that the company expected the deal would be done "in the immediate future."