"Green car" fund may be source of Big Three bailout
WASHINGTON (AP) - It appears Congress will tap a fund for
creating green cars to help keep the Big Three automakers from going under. House Speaker Nancy Pelosi says the House will ponder a bill next week that would funnel $15 billion in loans to General Motors, Ford, and Chrysler. It would come from a fund set aside for production of environmentally friendlier cars. Pelosi had resisted using it, but changed her mind under White House pressure. Fifteen billion is far less than the $34 billion the carmakers have pleaded for. But it would be enough to keep GM and Chrysler going through early next year. Ford wants a line of credit only if market conditions get worse. The $15 billion would be designed to last until March. That would give the Barack Obama administration time to tackle the problem. (Copyright 2008 by The Associated Press. All Rights Reserved.) |
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