The House of Representatives is considering $25 billion in loans to the U.S. auto industry, according to a news report Friday.
The low-interest loans would aid automakers like
and Chrysler in becoming more competitive in the market for fuel-efficient cars, according to
However, the House and Senate are likely to adjourn at the end of September as members return home to campaign in what promises to be a hard-fought election season. This leaves little time to accomplish any legislative work.
Sen. Debbie Stabenow (D., Mich.) wasn't hopeful on anything new passing before the end of the session. It will certainly be part of something that is moving. "Given the three-week time frame it's highly unlikely that it will be a separate piece of legislation," she said.
Government bailouts of beaten-down corporation are nothing new this year. In March, the
bailout acquisition of
. Just last weekend, the government took control of mortgage giants
In related news this week, the House passed the
Securities Act of 2008
Both Ford and GM were getting a nice boost in shares Friday. Ford was gaining 27 cents, or 5.8%, to $4.95, and GM was rising 35 cents, or 2.8%, to $13.10.