Senate OKs $25B Loan For Auto Cos.

Law360, New York (September 29, 2008, 12:00 AM EDT) -- The U.S. Senate has approved legislation that would grant a $25 billion loan to the troubled auto industry to help manufacturers and suppliers update their plants to meet new fuel efficiency standards by 2011.

The loan package, which was approved 78-12 by the Senate on Saturday after receiving the green light by the U.S. House of Representatives last week, is expected to be signed by President Bush on Tuesday.

The bill would mark the biggest government-backed funding to the industry.

The approval of the loan package...
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