We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Senate OKs $25B Loan For Auto Cos.

Law360 (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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.