The Government will own over 70% of GM according to details of a deal that is rumored to have been reached.
In another end run around the bankruptcy process, GM will likely enter a fast track bankruptcy with an Obama Administration backed plan similar to Chrysler's.
According to the Yahoo Finance report, GM has been losing money for over four years. While the company may be getting a financial restructuring courtesy of a reluctant American taxpayer, there is still no guarantee that a GM car is going to be a good value.
I bet Ford Motor Company is happy that they didn't take that federal bailout money. At this point, I would take a crappy Ford over anything GM makes.