$25B Loan Program For Auto Industry Won't Deliver For A Year

$25B Loan Program For Auto Industry Won't Deliver For A Year

A $25 billion loan program rushed through Congress to revive the nation's ailing domestic auto industry may not deliver any money to Detroit for more than a year, federal officials said, prompting concern that the cash may come too late to prop up one of the country's most important manufacturing sectors.

In recent days, auto industry representatives and lawmakers from Michigan, Kentucky and other states where auto plants employ tens of thousands of workers have begun clamoring to pry the funds loose, prodding the Bush administration and questioning the reasons for the delay. Federal officials have said it would take months to finalize the rules for distributing funds.

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