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BILL WOULD PROVIDE LOAN GUARANTEES TO DOMESTIC
AUTOMAKERS
Domestic automakers could get up to $20 billion in federally backed
loan guarantees to accelerate the development of more fuel-efficient
vehicles, according to a bill expected to be introduced in Congress.
The Detroit News reported that Rep. Mike Rogers (R-Mich.) is introducing
the bill to give domestic automakers cheaper access to capital to
develop "green technologies," including hybrid electric
engines, flexible fuels and clean diesel. If adopted, the bill could
dramatically reduce borrowing costs for the Big Three.
All three U.S. manufacturers have seen their credit ratings slashed:
General Motors and Ford are currently rated as speculative.
Rogers said the bill would speed up research and allow automakers
to retool plants to take advantage of new technologies. He said
the bill would level the cost of investment capital between U.S.
automakers and the Japanese manufacturers.
Rogers further asserted that the bill is fiscally responsible because
it requires the loans to be repaid. "I don't think this bill
will cost taxpayers one cent," he said.
Although the proposal was met with enthusiasm by Ford, General Motors
spokesman Gregg Martin said that General Motors was not seeking
loan guarantees.
Terming it an "intriguing idea worth consideration," Martin
stressed that "G.M.'s turnaround success rests on the advanced
technology that we are putting into our cars and trucks today."
09/21/06
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