House Loans Automakers $25 Billion

The House of Representatives on Wednesday approved a $25bn package of low-cost loans to help hard-pressed carmakers and their suppliers finance plant modernisation at a time of restricted access to public capital ­markets.

The automotive loans are separate from the proposed $700bn bail-out for the banking sector, which is still being debated in Congress. The House approved the measure 370-58, setting the stage for Senate approval within days.

The industry's case has been helped by the fact that Michigan and Ohio, the two states most dependent on the car industry, are key swing states in the November 4 presidential election.

Read the full story here

-OR-

Read HuffPost blogger Steve Parker's ongoing coverage of the loans automakers have been lobbying for:

::Detroit Three Expect $25 Billion -- So Who Bails Out Americans' Missing Car Payments?
::$50 Billion for the Detroit Three: Yea or Nay?

Comments

[PT6]

WHY DOESN'T THE SEC PUT BACK THE "UPTICK RULE?"

AS DOING AWAY WITH THAT BROUGHT ON THE CRASHES THIS SUMMER ALL THE WAY TO NOW????

DO IT MONDAY - YOU INCOMPETENT "COOKS."

[Harrier]

This is absolutely wrong-Let the companies that make big cars go down for their greed. Toyota gets n money from anyone

[researcher]

it is about leadership not bailouts

money down the drain

americans think money solves all problems

let toyota take over big three and they would make money lots of money

why? leadership and process oriented

the end is near for america

a bankrupt country in more ways than one

oh the price of self righteousness and greed

ie economic decline

[PT6]

This could help the AUTO INDUSTRY:

Wouldn't be nice to be rid of the BIG OIL PROFITS!

We need this!

WOW Palin is sooooo SMART! DRILL BABY DRILL!

BOONE WANTS TO SELL NAT GAS! The rest of his stuff is Bull!

We need what Obama Proposed:

From what we save on future fuel costs we could fund:

EVERY IDEA with quantify-able pay-backs.
Put tens of thousands of researchers to work.
Put millions of people to work in construction.
Put tens of millions to work in new corporations!

Lets Put Obama in Charge of AMERICAS ENERGY FUTURE!

[rkimball]

i will still drive a toyota because they ask me what i want in my next car.

detroit can die for all i'm concerned.

it was their greed & management that got them there in the first place.

[nirek]

If they would put the money into electric cars and not more of the same, I could understand it. Maybe the car companies and Nascar should get togather and have races for EV's. It might stir interest in EV's and get the ball rolling.

[wsblake]

but of course commuter rail ways will never get such handouts- that would make too much sense-

[crispytoast]

More right-wing socialism.­.. exactly what we don't need. That money should go to childcare for the working poor.

[BluePride]

Before we got to DEFCON 1 weren't there supposed to be COLOR CODES..? ? ? How did we go from NOTHING to RED w/o seeing the WARINING colors of BLUE, YELLOW, ORANGE ? ? ?

http://www.youtube.com/watch?v=AZsLva3C4pU

[SENATORCALLENBOWE]

IF UR RICH UR UNBREAKABLE FOR LIFE...IT SEEMS?

[hotwire]

Funny how all this money becomes available in a presidential election year. These guys know if they come around with their hat in hand now they'll get it filled with money. All these politicians are doing is buying votes. The Auto industry is just another example of lousy management. Just another bail out paid for by taxpayers.

[nirek]

So right!

[Lala2]

NO ONE in their right mind can honestly believe this catastrophic failure is the fault of the low-income and poor!
What garbage!
Who has all the power and wealth in this country? Those mortgages were used to provide false economic data to prop up this administration and their misery-inducing policies, as well as provide greedy, morally bankrupt individuals with their last cash grab.
Trolls be damned!

[whozit]

370 to 58??? There are only 58 conservative republicans in the House??? Oh ,, that's right, The Big Three have lobby money to toss around now!

[lyingtruth]

Doesn't this mean that we are paying ourselves when GM or Ford gives us an incentive check for buying a new vehicle?

[nirek]

But GM is doing their R/D work on EV's and hibreds in China, NOT here !!!!!!!!!

[themodernleader]

We are the only industrialized nation to allow our selves to be deindustrialized by predatory competition. If we are to continue to be a world power, we must stop mercantelistic trade, resurrect draconian tariffs and reindustrialized at whatever cost and sacrifice. Our national security and domestic tranquility or at stake.

[wadenelson1]

You said it all.

I've long proposed environmental tariffs. YOu want to smelt copper in Chile with no smokestack cleanup, fine, pay a tariff to level the playing field with American smelters.