Precise Points of Fact
Sep 25, 2008
7:41am
Lawmakers cheer $25B for car industry | Freep.com | Detroit Free Press
WASHINGTON — The U.S. House today approved $25 billion in loans for the troubled U.S. auto industry. Michigan lawmakers hailed the plan as key toward saving thousands of jobs in the state and vowed to press for another $25 billion next year to boost the industry’s retooling. Advertisement The loan deal dwarfs the $1.2-billion bailout of Chrysler Corp. in 1979, and reflects the economic crisis threatening the survival of Detroit automakers and the companies that rely on them. Automakers had made the loans their priority over the past several weeks, sending all three chief executives to blitz Congress.
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