Congress Readies Checkbook For Automakers Lawmakers in the House have approved $25 billion in loans for the auto industry. The loans are intended to help the industry retool old plants and develop advanced batteries and hybrid vehicles. The result is expected to be a more extensive lineup of hybrids, new plug-in electric cars and more fuel-efficient engines. The measure is part of a larger spending bill that the Senate could vote on as early as this week.
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Congress Readies Checkbook For Automakers

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Congress Readies Checkbook For Automakers

Congress Readies Checkbook For Automakers

Congress Readies Checkbook For Automakers

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Lawmakers in the House have approved $25 billion in loans for the auto industry. The loans are intended to help the industry retool old plants and develop advanced batteries and hybrid vehicles. The result is expected to be a more extensive lineup of hybrids, new plug-in electric cars and more fuel-efficient engines. The measure is part of a larger spending bill that the Senate could vote on as early as this week.

STEVE INSKEEP, Host:

NPR's business news starts with the other bailout.

(SOUNDBITE OF MUSIC)

INSKEEP: It came after a lot of lobbying by Detroit. Yesterday, the House of Representatives approved a measure to fund $25 billion in low-interest loans for U.S. automakers. The measure is part of a larger spending bill that the Senate could vote on as early as this week. The money is supposed to be used to retool old factories and produce more fuel-efficient cars. Michigan lawmakers asked for the money, saying it'd save jobs and the American auto industry. If the measure passes, it would be the first government intervention in the auto industry since the $1.2 billion bailout of Chrysler back in 1980.

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