Loans approved for car makers

Loans - Loans approved for car makers - 29/09/2008

The U.S Senate has approved of a spending bill that will provide funding for $25billion in loans to U.S car makers, in order to help pay for development of more fuel-efficient vehicles.

Michigan’s own sentator Carl Levin commented: “American auto companies are facing huge challenges. They are facing a sputtering global economy; the economic downturn and credit market crisis here at home; and the new fuel economy standards that congress enacted last year.”

Senator Debbie Stabenow also supports these loans stating: “At a critical time in our nation’s economy, these loans to our auto industry will help create good-paying jobs right here are home.”

The Treasury will provide $25 billion in low-interest loans to American car makers. This money will fund for the retooling of existing manufacturing facilities.

Michigan has lost over 278,000 manufacturing jobs due to the credit crunch.

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