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U.S. Senate Republican Leader Backs Earlier Loans for Carmakers
11/25/2008
Senate Republican leader Mitch McConnell of Kentucky called for expediting $25 billion in previously approved U.S. Energy Department loans to automakers as an alternative to a Democratic plan that may lack the votes to pass Congress
``The automobile industry is obviously very important,'' McConnell told reporters today. ``There is a way to do this.''
McConnell said he will meet with Senate Majority Leader Harry Reid of Nevada about the best approach to helping carmakers who say they face bankruptcy. Chief executives for General Motors Corp., Ford Motor Co. and Chrysler LLC plan to renew their push for aid at a congressional hearing later today.
Democrats unveiled proposals yesterday, one bill in the House and another in the Senate, to help the auto industry by tapping a $700 billion bank rescue package for loans of seven to 10 years. President George W. Bush opposes that approach and favors using the energy loans.
Democrats in the Senate probably need 60 votes to advance their plan and hold only a 50-49 majority.
Source: http://www.bloomberg.com/apps/news?pid=20601087
