Bush OKs $25B for Car Giants

Money tabbed to help automakers in transition to fuel-efficient vehicles
By Will McCahill,  Newser Staff
Posted Sep 30, 2008 7:26 PM CDT
"The auto loans can't come soon enough," one analyst says.   (AP Photo)
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(Newser) – President Bush today approved the $25 billion in low-interest loans aimed at helping US automakers in their transition to building more fuel-efficient vehicles, the Wall Street Journal reports. The industry long pushed for the package, estimating the total cost of the makeover at $100 billion. It’s now up the Energy Department to set eligibility guidelines, with lawmakers hoping funds can be available by mid-2009.