The US House of Representatives yesterday authorised a $25bn package of low-cost loans to help hard-pressed US carmakers and their -suppliers finance plant modernisation at a time of restricted access to public capital markets.
The automotive loans are separate from the proposed $700bn (£378bn) bail-out for the banking sector, which is still being debated in Congress. The Senate is expected to add its approval to the motor industry package in the next two days.
