Members of Michigan’s Congressional Delegation are pushing to double a $25 billion Energy Department program designed that provides loans to U.S. automakers and parts suppliers for advanced technology retooling. The loans are designed to help American carmakers retool to meet new corporate average fuel economy standards.
Democrats John Dingell and Sander Levin and Republican Fred Upton introduced legislation yesterday to increase the loan program to $50 billion.
Established in the 2007 energy bill, the loans loans to automakers and suppliers for the retooling of production to make advanced efficient vehicles, Congress did not pass the necessary appropriations to fund the loan program until late last year. And now there is a run on the loan cash.
DOE officials hope to begin doling out loans early this summer but say the process has been slowed down by a large amount of applicants.
The agency says the total amount of federal cash requested through the program has already exceeded the $25 billion mark.
via: Greenwire (Subscription req’d).
image: brewbrooks under a Creative Commons license
About Timothy B. Hurst
