Congress to vote on loan guarantees for green auto projects
The way it would work is that the U.S. Department of Energy would be given the authority to approve loan guarantees to auto manufacturers for alternative-fuel research and development projects. If the auto manufacturer defaults on the loan, the U.S. Treasury would be forced to repay it.
A Ford spokesman said they support the measure while GM spokesman Greg Martin implied they weren't seeking loan guarantees. He said, "It's an intriguing idea that merits consideration, but right now our turnaround and our success rests on the advanced technology that we are putting in our cars and trucks today."
[Source: Detroit News]
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