Wednesday, September 24, 2008

While You Weren't Looking

In case you missed it, the House passed a $25 Billion bailout loan of the automakers today. The Senate expects to pass it shortly.

House approves $25 billion loan to automakers

U.S. automakers and their suppliers won a key victory on Capitol Hill Wednesday when the U.S. House of Representatives approved a measure that would allows the government to fund a $25 billion loan pool for the auto industry.

Companies such as Ford Motor Co., General Motors Corp. and Chrysler LLC had sought the funding for low-interest loans to help U.S. automakers develop and build more energy-efficient cars and trucks.

The loans were approved last year but were not funding. The loans were designed to help automakers meet Corporate Average Fuel Economy, or fuel-efficiency, standards of at least 35 miles per gallon by 2020.

The current bill provides funding as part of a broader measure that provides fiscal 2008 funding for the U.S. Department of Homeland Security.

The bill passed 370 to 58 and will be considered by the U.S. Senate as early as Friday.

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