Monday, September 29, 2008

Funding approved for historic industry loans Harry Stoffer

WASHINGTON In a rare Saturday session, Congress gave final approval to funding that will launch a $25 billion low-interest loan program for automakers and suppliers.
The program, designed to help companies retool for more fuel-efficient vehicles, also is expected to provide a financial lifeline to struggling companies, particularly the Detroit 3.
The funding that is needed to begin the program, about $7.5 billion, was attached to a wide-ranging spending bill that will keep the federal government running in the new fiscal year that begins Wednesday.
The Senate vote Saturday was 78-12 in favor. The House approved the bill last Wednesday. President Bush is expected to sign it.
The loan program, representing unprecedented government involvement in industry operations, was ...

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