Final Version Of Autos Bailout Bill
Just posted on the House Financial Services site, here is the full text of the bill that will give Detroit's Big Three automakers -- GM, Ford and Chrysler -- $15 billion in emergency bridge loans at an initial rate of 5 percent to keep them in business.
The House anticipates a vote as early as this afternoon and the delivery of the bill to President Bush by the end of this week.
This sum comes from $25 billion already approved for the Big Three to help them retool their factories to make more fuel-efficient vehicles. Language in the bill stipulates the $15 million in bridge loans will be repaid into the so-called "green bill" so the total amount of $25 billion will eventually go toward its intended purpose.
December 10, 2008; 11:56 AM ET
Categories: The Ticker | Tags: Chrysler, Ford, GM, General Motors, automakers, bailout
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