Bush wants $25B in loans released to carmakers

November 14, 2008 1:48:55 PM PST
The White House is throwing support behind a plan to speed release of $25 billion in loans to troubled automakers but is rejecting a Democratic proposal to use money from a financial bailout for car companies. Spokeswoman Dana Perino says the Democratic proposal would lead to partisan gridlock because the $700 billion rescue package was never intended to help automakers and shouldn't be now. For that reason, she told The Associated Press that the White House is now actively asking Congress to accelerate loans it first approved in September.

Those loans were meant to help automakers build more fuel-efficient vehicles. The administration now supports allowing it to be used for more urgent purposes as the companies struggle to stay afloat.


Load Comments