Jan. 6 (Bloomberg) -- General Motors Corp. has sufficient government loans pledged to cover the worst-case scenario it outlined in a December report to Congress and may not need more unless the economy worsens.

The U.S. Treasury has pledged as much as $13.4 billion in aid to help GM pay its bills and $6 billion to prop up lender GMAC LLC, which GM relies on for auto loans and dealer support. President George W. Bush agreed to the rescue after the biggest U.S. automaker said it wouldn’t have enough money to pay bills in December.

“The U.S. Treasury’s $13.4 billion bridge loan to GM, coupled with the separate transaction for GMAC, meets our liquidity needs under the scenarios outlined in our December plan to Congress,” GM spokesman Greg Martin said today.

GM is trying to win concessions from its biggest union, cut its debt level in half and trim brands and dealerships as part of a restructuring plan to show it will be able to repay the money. A progress report is due Feb. 17 to the Treasury Department, and a final report is due March 31. If the plan doesn’t pass government scrutiny, GM has to repay the loans.

The Detroit automaker said Dec. 2 that its worst-case scenario for 2009 U.S. auto sales is 10.5 million vehicles. GM reiterated yesterday that U.S. sales will range from 10.5 million to 12 million this year, based on the current economic expectation.

GM received the first $4 billion Dec. 31 from the Troubled Asset Relief Program administered by Treasury. GM is spending that money to pay bills, mostly to its 3,000 suppliers, said spokeswoman Renee Rashid-Merem.

The automaker is due to receive an additional $5.4 billion this month. Should Congress agree to release a second $350 billion in TARP funds, GM will get $4 billion more in February.

To contact the reporter on this story: Jeff Green in Southfield, Michigan at jgreen16@bloomberg.net

Last Updated: January 6, 2009 19:50 EST