Senate approves spending bill that includes $25B in auto loans
The U.S. Senate on Saturday passed a continuing resolution that keeps funding federal government operations at current levels for several more months and also includes funding for low interest loans for U.S. automakers. The bill is expected to be signed by president Bush by Tuesday when the current fiscal year and budget expires. Since the Congress has failed again to finish all the appropriations bills for the new fiscal year, an interim spending bill was needed to prevent a government shutdown. Supporters of the federal loan program attached the provision to the continuing resolution to ensure that it would not get vetoed by the president. The program will provide low interest rate loans that car makers can use to develop more efficient vehicles and re-tool factories to build them.
[Source: Detroit News]
Reader Comments (Page 1 of 1)
tankd0g 1:41PM (9/28/2008)
Loans. I think this word does not mean what you think it does.
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Mike Z 1:55PM (9/28/2008)
I think I'll call GM tomorrow and ask to speak to Bob Lutz.
When they ask who I am, I'll respond, 'I'm a newly elected board member and my name is the American taxpayer'
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James Sonne 3:28PM (9/28/2008)
So, if this "loan" is actually an investment ... shouldn't my taxes go down, or I not have to pay any until GM pays this off?
How socialist can we get? Let them go bankrupt, who cares? You can't BUY jobs just to increase the economy, because if you buy them, inflation goes up for everyone and basically equates to there being fewer jobs!
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Tony Belding 4:09PM (9/28/2008)
U.S. automakers. . . so. . . I'm assuming Tesla, Aptera and Commuter Cars also qualify for these loans. Right? Right??
(Somehow I doubt it.)
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Bill 5:15PM (9/28/2008)
Did you see any third-party candidates at the latest presidential debate?
Tim 6:02PM (9/28/2008)
If YOU voted for a Republicrat who can't stop spending other people's money, debasing our currency and putting our grand children's grand children in DEBT then it's YOUR fault so stop complaining!
Insteat, vote for ANY 3rd party candidate in November to send a message that we aren't listening to them anymore and we DEMAND that the political process be opened up.
Voting Democratic OR Republican in November is voting for MORE of the SAME no matter what they SAY!
Don't be a "sheeple"!
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gorr 7:40PM (9/28/2008)
This thing is horrendous. It's the high price of gasoline at the pumps that is killing american car manufacturers. With that solution from your goverment you:
1. Pay high gas price.
2. Don't stop pollution and bankrupcy all-around because people still have to drive.
3. Put american cars manufacturers near the gutter even if for 100 years they were good gas resellers, so we see that your president don't respect his friends.
4. Im shopping for a blue( hydrogen) car, so it's not neccessary to change the market on everything and put new laws almost everyday like someone in panic...
5. Do what i say the first shot, stop second guessing and fooling with my proposals.
6. This 25 billions add-up to 3000 billions for the war and high gas price for american drivers and truck drivers all that because friends of me have released a record on september 2001 explaining my moods and projects at that time.
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Ryan 11:57PM (9/28/2008)
The loan is a positive and we WILL be repaid.
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tankd0g 6:51AM (9/29/2008)
30 cents on the dollar at the eventual liquidators sale.