Governors, Lawmakers Push $25B Auto Rescue

Law360, New York (September 19, 2008, 12:00 AM EDT) -- Ten state governors urged U.S. Congress members this week to fund a $25 billion low-interest loan to suffering automakers.

Meanwhile, lawmakers on both sides of the aisle have stepped up to support the rescue package.

The car industry's $25 billion line of credit was authorized by the Energy Independence Act of 2007, but auto manufacturers and parts suppliers have yet to see the money.

Ten governors from states including Michigan, New Jersey, and North Carolina wrote Wednesday to U.S. House of Representatives and Senate leaders, asking...
To view the full article, register now.