Congress Approves $25 Billion in Loans for Detroit
October 27, 2008
Filed under Trailer News
Following House approval, the U.S. Senate passed a $25 billion loan program for the U.S.
auto industry. The downturn in the economy, tight loans and high fuel prices have left the
manufacturers without sufficient resources to design new high-mileage vehicles. Automakers
will be required to use the money to develop vehicles that are more than 25% fuel efficient
than the average models in their categories.