U.S. Government Bails Out Auto Makers
September 29th, 2008More BS. Why not make these “loans” available ONLY for the development of 100% electric vehicles… None of this Volt nonsense. Where else but in Soviet America does an “electric vehicle” come with an internal combustion engine? Thanks, GM. Here’s your dole payment.
Via: Wall Street Journal:
The U.S. Congress moved Saturday to provide $25 billion in low-interest loans to the auto industry as part of an initiative to accelerate the development of fuel-efficient vehicles.
The Senate voted 78 to 12 to pass a broad, must-pass spending bill that includes $7.5 billion to start the loan program. The House passed the bill earlier in the week, and President George W. Bush is expected to sign it.
The loan program was approved as part of a 2007 energy bill requiring vehicles to have an average fuel economy of 35 miles a gallon by 2020 — a 40% increase over the previous standard.
