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