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The Big Three can't be accused of tailgating. Congress authorized — but didn't fund — $25 billion in loan guarantees to the auto industry last December to help it cope with higher fuel-efficiency mandates.
Now, General Motors, (GM) Ford (F) and Chrysler — along with their Congressional bidders — are asking Washington to pony up.
House Democratic leaders are considering a $25-billion rescue package for the auto industry as part of an effort to bolster the sagging U.S. economy. The aid proposal, with its clear political implications for key battleground states, is likely to be put on a legislative fast track, possibly clearing Congress in a matter of weeks.
Congress has already given the auto industry US$30 billion in low interest loans over a period of 12 years[...]
Originally posted by EtSolveMundi
As if the bailouts of Fannie Mae and Freddie Mac weren't a big enough tax burden, Democrats are now considering a massive "rescue package" for America's "Big 3" automakers in Detroit. Already both major candidates have given their support as has Speaker Pelosi. As if the economy isn't enough of a circus already, Congress may ask taxpayers to pony up $25 to $50 billion dollars.