Browse
Engage
Research
According to Reuters' reports, Congressional Democratic leaders have expressed their support for the proposal with House of Representative Speaker Nancy Pelosi describing the low interest loans package as "very important to our country."
Under the proposals, major manufacturers such as Ford, GM and Chrysler would be eligible for credit assistance as they seek to shift production from the gas-guzzling SUVs and trucks that have represented their cash cow for much of the last decade, to more vehicles capable of meeting recently introduced standards that require an improvement in fuel efficiency of 40 per cent by 2020.
The funding is also expected to support efforts to scale up the production of alternative fuel cars such as electric vehicles.
However, legislators will face an uphill struggle to get the necessary legislation passed in the short term.
Congress is due to break up at the end of the month ahead of the U.S. presidential election and may not reconvene this year. Pelosi hinted that the legislation could be included in other packages to try and get it passed before the end of September, but it is more likely that the issue will have to wait until early next year.
The proposals are also likely to face Republican opposition with a senior official in the Bush administration hinting that the move could struggle to secure support. "Obviously when what is being proposed is taxpayer support for private companies," he told Reuters. "That's not something that should be done without serious deliberation of the consequences."
However, the auto industry has been at pains to insist that the loans do not represent a rescue package, arguing instead that it is simply a means of financing the huge structural changes that are required to meet the federal government's own fuel efficiency standards.
Possible?
It will foster investment and research and development and plant and equipment for green vehicle technologies. If by sustainable you meant a 'green' car (hybrid / electric / gas mileage devices etc) than a viable alternative would have to exist for the govt to spend the money on.
unkown
Before we even start thinking about having green cars and stuff shouldn't we worry about keeping the industy in the United States. If Congress passes this I say that they make a rule that the Industies must stay in this country. It would help out are economy in many ways. We would have jobs, and fuel efficent cars.
They must first replace the dinosaurs
If Congress does bail out the auto industry, I hope there is a stipulation in there that states that all executives must be replaced with new staff that can demonstrate an understanding of the new technologies. Otherwise why should American taxpayers believe that their money will be invested in any other way than what these old boys know. Their stubbornness has dragged down the industry and they still sit comfortably in their offices receiving their 6 and 7 figure salaries and bonuses. There is no way I want my tax dollars going to those dinosaurs that have ruined the livelihood of so many of their employees as well as the air I breath. Sadly I know this is unrealistic so I vote no on the bailout.
Geen Money from Congress for Green Cars
Green cars are not built with the same technology that the big three have expertise in! Green cars are built with skills in Lithium battery design, carbon fiber construction, advanced polymer composites, aerodynamic flow streaming, Ultra-lite design techniques, aluminum and titanium smarts, electronics and physics engineering. The 'Big Three' offer heavy sheet metal construction smarts, cast engine block technology and other 'lost in the 1930's "grease-pit" expertise!' General Motors recently spent a large fortune developing a 620 hp, 8 mpg, 230mph car!The newest example of the peak of their technology, the 'Vette' a car that languors on the sales lots, priced above anything practical for the average American, getting fuel economies we simply cannot afford, and goes at a rate of speed three times above the posted legal limit in most of our country. The question has to be asked, When their stock is at it's lowest point in history, Why in Hell did they do this? I hope Congress gives them nothing, and chooses instead to give support to the aerospace industry, the next real source of reasonable commuter transportation and the automotive future for America!