Thursday, September 04, 2008

Automakers seek $50 billion in low-interest loans

The automakers have deployed what one industry official describes as a "surge" of lobbyists and executives at both the Democratic and Republican party's political conventions. The Big Three's hope is that if they can win speedy passage of the loan package, they can move more quickly to retool their plants to produce more smaller cars.

The $50 billion loan package, first proposed by the auto industry last month, has won the support of presidential candidates Barack Obama and John McCain as their campaigns eye key votes in Michigan and Ohio.

Interesting that the Obama campaign is supposedly "anti-lobbyist" yet they have agreed with McCain on this issue.

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