US NEWS
Congress Passes $25 Billion in Loan Guarantees for Auto Industry
2008-09-28 11:46am
Following approval by the House earlier this week, the Senate on Saturday passed legislation guaranteeing $25 billion in loans to the financially strapped American auto industry, designed to spur innovation.
The measure, which President Bush said he would sign, included funding for the US government and the wars in Iraq and Afghanistan.
"We're very pleased Congress has chosen to act at this critical time," said Greg Martin, director of communications for General Motors Corp's Washington office.
GM has been subject to speculation it could seek bankruptcy protection.
The bill provides the first loan guarantees for U.S. carmakers since Congress approved a similar $675 million measure for Chrysler Corp. in 1980.
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