Bush Expected to Sign $25B Auto Loan

LCT Magazine
Posted on September 29, 2008
The U.S. Senate just passed a $25 billion loan program for automakers building fuel efficient vehicles. The House also passed this bill on Wednesday and President Bush is expected to sign it by end of day tomorrow. Automakers have been lobbying hard for this money for nearly two years as they feel the pressure of increasing vehicle fuel efficiency at least 40% by 2020. To reach this level, automakers' costs will be more than $25 billion, but they've been asking for a cost-saving loan program such as this one. Detroit was able to get what it needs during days of $700 billion loan clamor.

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