The US Congress appears to be willing to give aid to US vehicle manufacturers.
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Following meetings yesterday with the House Speaker, Nancy Pelosi, the chief executives of the Big Three US automakers, GM, Ford and Chrysler emerged optimistic that the government would back US$25m in loan guarantees to help the industry, reported the New York Times.
The guarantees would be included in a budget resolution that will fund government operations to the end of the year. It will be designed to help vehicle manufacturers meet new fuel efficiency standards adopted by Congress last year.
Before the meeting Chrysler’s chief executive Bob Nardelli has warned that there would be job cuts if the US$25bn in loans were not approved.
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