Congress Set to Require 35mpg on US Autos

Compromise would put voucher at $4,500, nix buy-American clause

(NEWSER) - Congress is nearing agreement on a “cash for clunkers” plan that would pay Americans to give up their gas-guzzling vehicles. A House plan outlined yesterday focuses on cars and light trucks that yield less than 18 miles per gallon. Owners who junk those will receive a $3,500-$4,500 voucher, depending on the relative efficiency of their new ride, the New York Times. More»

(NEWSER) - After failing to strike a deal today on a possible bailout for the Big Three automakers, Congressional leaders offered the firms one more chance to push for the $25 billion lifeline they've requested, the Detroit News reports. Lawmakers will wait until December and require concrete plans for the money before proceeding. “The best way to proceed is to give them another opportunity to make their case,” Harry Reid said. More»

(NEWSER) - Nancy Pelosi plans to convene a lame-duck House session to vote on an expanded rescue of the auto industry, the Wall Street Journal reports. “I am confident Congress can consider emergency assistance legislation next week,” the House Speaker said. Both GM and Ford have said they are cash poor, even after the $25 billion in government loan they received prior to the election. More»

Pelosi, Reid want $700B bailout to aid GM, Ford, and Chrysler

(NEWSER) - Congressional Democrats are urging Henry Paulson to pump funds into the sputtering Big Three automakers, Politico reports. In a letter to the treasury secretary, Nancy Pelosi and Harry Reid called for a broadening of the $700 billion bailout package to help GM, Ford, and Chrysler qualify for federal aid. A thriving auto industry is vital to restoring market stability, the Dems said. More»

Measure mandates 35mpg fuel efficiency for vehicles, 5X increase in ethanol production

(NEWSER) - The House approved a broad energy bill today that will increase fuel efficiency requirements for cars and trucks for the first time in 30 years and will boost ethanol production, Reuters reports. The bill, passed last week by the Senate after $13 billion in oil company taxes were excised, carried handily, 314-100. President Bush is expected sign it into law tomorrow . More»