Thursday, September 25, 2008

House passes bailout bill for auto makers.

Business: The beginning of money being wasted on companies that refuse to take responsibility for their own business practices that got them into this mess.

WASHINGTON (Reuters) - The U.S. House of Representatives on Wednesday funded a $25 billion loan package for troubled automakers as part of a mammoth spending bill to keep the government running through March 2009, but the legislation did not extend a ban on offshore oil drilling.

The spending bill, which passed by a vote of 370 to 58, is needed to keep the government operating after the fiscal year expires on September 30.

It is expected to pass the Senate.

The bill sets aside $7.5 billion in taxpayer funds needed to guarantee $25 billion in low-interest loans to help struggling General Motors Corp., Ford Motor Co. and Chrysler LLC produce more fuel-efficient cars and trucks.

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