AppId is over the quota
AppId is over the quota
By AutoObserver Staff September 26, 2011
The U.S. Senate has rejected a bill sent to it by the Republican-controlled House of Representatives that would have slashed the U.S. Department of Energy's Advanced Technology Vehicle Manufacturing loan program. Congress originally set aside $7.5 billion in subsidized credit funding for a total of $25 billion in loans to be administered by the DOE, but the latest bill would have cut $1.5 billion from the remaining $4 billion and re-assigned much of it to disaster-relief funding. The Senate voted mostly along party lines to kill the bill, triggering a showdown that may threaten the federal government's operation, which runs out of its current approved funding late this week. Democrats sharply opposed the idea of gutting the remaining ATVM funding, claiming that nearly 50,000 jobs had already been saved or created by the loans already given out, 33,000 at Ford Motor Co. alone.
As automotive analysts at IHS Global Insight said in an email to AutoObserver that the loan program has had mixed success, and Chrysler, GM, and nearly 100 other applicants have been waiting for word on their own loan applications for over two years. To date, the program has dispensed $9.2 billion of the $25 billion it has for loans. The AVTM loans came under scrutiny after a solar-panel manufacturer in California declared bankruptcy after receiving a half-billion dollars from a federal loan program to advance environmental technology.
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