Originally, Detroit's Big Three were after $25 billion in loans from the Feds, but after lawmakers authorized a loan in last year's energy bill, the domestics now want Congress to grant loans up to $50 billion over the next three years.
The loans would carry an interest rate of around four to five percent, with $25 billion being available in the first year, another $15 billion in the second year and the final $10 billion in the third.
GM, Ford and Chrysler contend that the low-interest loans would be used to build more fuel-efficient vehicles, including hybrids and electrics, thus reducing the U.S.'s dependency on foreign oil, not to mention making all three automakers more competitive in a market that no longer favors big trucks and SUVs.
Mark Fields, Ford's President of the Americas, likens the
[Source: Detroit News]