Pelosi said Tuesday she was confident that lawmakers meeting next week in a lameduck session would consider “emergency and limited financial assistance” for the auto industry under the $700 billion bailout measure that passed Congress in October.
Treasury Secretary Henry Paulson called autos a “critical industry in this country” but said the government's $700 billion financial rescue program wasn't designed to help automakers.
Paulson said Congress could try to make funding more available to the auto industry as part of a $25 billion loan program approved in September to develop fuel-efficient vehicles.
The Bush administration has concluded that the bailout bill that passed earlier does not allow loans to the auto industry.
The Bush administration has said the companies had made business decisions “over the years that have led to this situation, but we have gone as far as we can with the authority Congress has given in order to help industries.”
More of the story here.
A picture of my cave
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