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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

(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.

The auto loans can't come soon enough, one analyst says.
"The auto loans can't come soon enough," one analyst says.   (AP Photo)
President Bush today signed into law the $25 billion in low-interest loans to prop up the US auto industry.
President Bush today signed into law the $25 billion in low-interest loans to prop up the US auto industry.   (AP Photo)
General Motors, Ford and Chrysler pushed for the $25 billion in federal loans President Bush approved today.
General Motors, Ford and Chrysler pushed for the $25 billion in federal loans President Bush approved today.   (AP Photo)
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