Back in 2007 Congress, created the Advanced Technology Vehicle Manufacturing federal loan program to allow the government to loan up to $25 billion to car manufacturers. The federal loans were created to help provide the money necessary to retool factories and build more fuel-efficient vehicles, but now some members of Congress are looking to end the program well short of the $25 billion mark.
- Damon Lavrinc
- Oct 13, 2008
A report by Barron's over the weekend cited (again) two unnamed sources that divulged General Motors has been after a loan from the Federal Reserve since last September. The Barron's article got somewhat specific about the unspecifics, namely how much, saying that the amount the General is after is unknown, "but it needs $5 billion to meet its goal of completing a $15 billion liquidity program, which actually is coming from cost cuts."
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