Business | Economy
US Senate to debate $25 billion auto bill
Supporters of a $25 billion government bailout for the US auto industry have offered to scale down the rescue package in the face of an uphill fight in Congress.
- AP
- Published: 09:43 November 15, 2008
Washington: Supporters of a $25 billion government bailout for the US auto industry have offered to scale down the rescue package in the face of an uphill fight in Congress.
Battered by an economic meltdown, General Motors Corp., Ford Motor Co., and Chrysler are urgently seeking an emergency infusion of cash.
The White House rejected using any of the $700 billion designated for the financial meltdown.
However, it has offered an alternative of using a separate $25 billion in already approved fuel-efficiency loans to address the automakers' current woes.
"We're still discussing and negotiating with colleagues what the final amount would be," said Senator Debbie Stabenow, a Michigan Democrat.
Senate Majority Leader Harry Reid said he would hold a vote next week on the measure, attaching the auto help to a $6 billion bill to extend jobless aid to unemployed workers.
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