Bailout Watch 566: DOE Seeks $25 Billion More for Retooling, EVs

Robert Farago
by Robert Farago

We keep racking and stacking the Bailout Watches and Uncle Sam keeps the federal funds flowing. As Eddy reported before the weekend, Congress is looking to send another $25 billion to the Department of Energy to bless upon car companies re-tooling old factories to build more fuel-efficient products. In the form of loans, of course. Twenty-five-year loans. The funds are buried inside the 1200-page American Clean Energy and Security Act of 2009 (a.k.a. climate change bill), currently earmarked for Senate debate (so to speak). Whatever. The new funds will bring the total auto industry bailout ever-closer to the $200 billion mark. Anyway, should the legislation pass muster, the entire electric vehicle industry—from manufacturers to fleet buyers—will feel the love. Click here for the relevant text.

Robert Farago
Robert Farago

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  • DrBiggly DrBiggly on Jun 29, 2009

    I thought we had just recently crossed the $100b we're headed for $200? Can we get another update for the grand totals? Or maybe some sort of 'sticky' at the top for the bailout totals with links to relevant articles? Even if I miss a few days here, I go back and make sure that I have read every article and honestly still cannot keep up with the bailout totals.

  • Robert Schwartz Robert Schwartz on Jun 29, 2009

    Numb, but comfortable.

  • DearS DearS on Jun 29, 2009

    The country is more dysfunctional then I imagined.