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BIG 3 GOV's HELP * USA - $25B fed auto aid in sight
By week's end Congress expected to OK low-cost loans for struggling domestic industry, officials say
Washington,DC,USA -The Detroit News, by David Shepardson -September 23, 2008: -- Congress is likely to approve by the end of the week funding for $25 billion in low-cost government loans to aid the struggling domestic auto industry after more than a year of debate, congressional and auto officials said Monday... The money is included in a House bill drafted by Democrats to fund the ongoing operation of the federal government; a copy of the draft bill was obtained by The Detroit News on Monday. The bill could be introduced in the House as early as today and voted on by Wednesday. The Senate is expected to vote by Friday... The 30-page draft bill would be used to fund the federal government, perhaps until March, because Congress and the White House haven't agreed on a fiscal 2009 budget. It must be approved or the government would be forced to shut down. Congressional aides said Monday they thought the auto industry loans would most likely be attached to that bill... The Congressional Budget Office said last week that Congress had to set aside $7.5 billion to cover the risk of automakers defaulting on their obligations. The draft measure allocates the full amount plus $10 million to the U.S. Energy Department to administer the loans for the Advanced Technology Vehicles Manufacturing Program. Detroit's Big Three CEOs held meetings last week with House Speaker Nancy Pelosi and other key members of both parties...
Labels: automakers' news
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