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    BREAKING NEWS
    9/29/2008

    Retooling Loans Hit the Fast Track

    This past weekend, following House approval by a 370-58
    vote on Wednesday, the U.S. Senate approved a $25 billion
    loan program to help automakers and their suppliers
    develop fuel-efficient vehicles and modernize existing
    factories. The loans were authorized by the Energy
    Independence and Security Act, which also increased fuel
    efficiency standards by 40 percent, but the 2007 legislation
    did not allocate funding for the program.

    "This is a smart investment which will speed the
    introduction of more fuel efficient vehicles, and also
    create tens of thousands of good-paying U.S.
    manufacturing jobs," United Auto Workers President
    Ron Gettelfinger said in a statement Saturday evening.

    After the President signs the bill, which is expected by
    Tuesday (when the current budget expires), the Department
    of Energy will have 60 days to issue and write rules for the
    loan program according to last-minute language inserted by
    the House before approval. On Thursday, the DOE warned
    that it still might not release any money until mid-2010.
    Michigan Democrats and Republicans--along with Sens.
    McCain and Obama--have vowed to help speed up the
    Energy Department's timetable, if necessary.

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