Levin introduces bill that would lend $25 billion to automakers

[Omaha Steve]

Source: Detroit free Press

WASHINGTON – Michigan Sen. Carl Levin unveiled legislation authorizing up to $25 billion in loans to the U.S. auto industry and makers of auto components struggling to stay afloat. The money would come through the $700 billion bailout bill for the financial services industry authorized earlier this year — not through $25 billion in funds already authorized to help retool plants to make more fuel-efficient cars as suggested by the White House.

Whether there will be enough time to settle questions still swirling around the legislation this week, however, remains to be seen.

The Senate is taking up the bill this week in special session, beginning with a Banking Committee meeting tomorrow where the heads of General Motors, Ford Motor Co. and Chrysler LLC are expected to testify. A day later, they are expected to testify on companion legislation in the House, before the Financial Services Committee.

The White House has said Senate leaders don’t have the votes to pass the bill, which tied to an extension of unemployment insurance.


Read more: http://www.freep.com/article/20081117/BUSINESS01/81117073/1014

[DJ13]

1. Good for him!

Dont give in to the GOP PR which is trying to get the Dems to not try to put a rescue up for a vote.

Force the Republicans to go on record as being against saving our last industry.

[cyclezealot]

7. so true. write and call

I called Sen. Mitch McConnell . The GOP leader.. There are several plants about Lousiville. Last I knew at least. Its not just about the Auto companies. It's about as much as 3 million jobs.. Aze wipe Shelby says start up companies will employ those 3 million. And how soon will that take and how much more economic devastation will result with the loss of millions of jobs.. No auto industry in the US, how would the 'arsenal of America' had gotten us thru WW II... Idiots.. I told MCconnell. Wait to the Repukes cause the auto industry to die.. We'll hang it about their necks.. WIll we.!... Insist on a record vote, you all. And how much of the auto's problems originate from the current credit crisis. I am sure Obama's auto czar would be far more strict at getting the auto companies in line than Bush's Wall Street czar.

[tclambert]

2. They can pay it back in just a few years.

If we let US auto companies vanish, this country is essentially no longer a manufacturing country. We build tens of millions of automobiles every year. What else do we build in that quantity and that big?

[AlbertCat]

3. So.... what's Amtrak getting?

[amandabeech]

4. I'm from Michigan, and Amtrak deserves more funding than it gets.

Are you aware that the Detroit to Chicago route sometimes is completely full?

I think that in the immediate future, Amtrak will do well on routes that take between 2 and 8 (or so) hours where the traffic is heavy and the airports are a hassle. Detroit to Chicago fits the bill to a T.

[BeatleBoot]

5. 2.1 million people

who can still afford to ride the train.

[Seldona]

6. As long as we are bailing out Wall Street, why not?

I believe I read it will keep something in the area of three million people working. That is one hell of a lot of unemployed people to be dumping into the already boinked system.

How many jobs will the 25 billion save from the financial sector? It's not like banks are freeing up credit with it anyway.