US Sen. Reid To Introduce Bill To Aid Auto Cos

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US Sen. Reid To Introduce Bill To Aid Auto Cos

By Josh Mitchell Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- U.S. Senate Democrats on Monday prepared a bill to rush financial aid to ailing U.S. auto makers, but the fate of the package remained uncertain amid strong Republican opposition.
The bill, to be introduced by Senate Majority Leader Harry Reid, D-Nev., Monday evening, would provide $25 billion in low-cost loans to General Motors Corp. (GM), Ford Motor Co. (F) and Chrysler LLC.
The bill calls for the money to come from the government's $700 billion Wall Street rescue fund. The Bush administration and some Republicans have opposed using money from this fund on auto makers, saying the rescue plan was intended to help banking institutions.
The aid package is attached to proposed legislation to extend unemployment benefits.
-By Josh Mitchell, Dow Jones Newswires; 202-862-6637; joshua.mitchell@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=CxbIWcpkX458Gn1gNjc7DQ%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
November 17, 2008 17:44 ET (22:44 GMT)