A bill set to be passed by Congress and signed by President Bush as early as this weekend- will save the big three that have been feeling rather small.
General Motors, Ford, and Chrysler will be receiving loans that will most likely amount to at least $5 billion each. That would allow them to borrow money at interest rates as low as 4 percent—a steep discount compared with the double-digit rates they’re paying now.This means that over the years, the automakers will save hundreds of millions in financing costs. continue reading...
The big carmakers will be begging Congress for a $50B loan, this immediately after the Government takes over control of Fannie Mae and Freddie Mac, the two mortgage giants who account for about 9 mortgages out of 10 in the USA.
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Automakers plan to urge Congress to support funding up to $50 billion in low-interest loans over three years to help them modernize their assembly plants and develop next-generation fuel-efficient vehicles.Industry officials said the loans, which are twice the amount authorized in last year’s energy bill, are a top priority when Congress returns next month because of the declining fortunes of Detroit’s automakers and tightening credit markets.
“The amount of concern and urgency from the Detroit companies has increased in the last month and significantly ratcheted up what they’re communicating what their funding needs are,” said Alan Reuther, legislative director for the United Auto Workers union. continue reading...
BLOOMINGTON, Ill., Oct. 15 /PRNewswire/ — The equivalent of a classroom of teens dies each day in vehicle crashes. State Farm® is asking young drivers to take the wheel in helping prevent teen fatalities on the road. As part of the first-ever National Teen Driver Safety Week, Oct. 15-19, 100 teens from coast to coast are convening in Washington, D.C. today for a State Farm student-led youth summit to talk about real solutions that can change driving behaviors and help save lives. The young drivers will take the findings back to their communities to activate best practices.
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