U.S. set to grant automakers a lifeline -- but no bailout [Reuters]
General Motors Company (GM)
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Source: Reuters
U.S. set to grant automakers a lifeline -- but no bailout WASHINGTON/DETROIT, March 25 (Reuters) - The $2 trillion economic rescue package before the U.S. Senate on Wednesday would send the federal government to the auto industry’s rescue for the second time in a dozen years. Automakers are fearful of being tagged as seeking a new government bailout so soon after the 2009 government-funded auto restructurings. Detroit has not sought industry-specific assistance and instead made the case the entire economy needs urgent access to liquidity. Republican Senator Pat Toomey said Wednesday the deal sets aside $454 billion to make loans or loan guarantees for companies across all sectors, as well as states. He said it was more likely the money will be used to leverage even more funds in loans from the Federal Reserve. Toomey told reporters on a conference the Treasury will then be able to make loans, purchase loans or purchase corporate debt, which could be a major boost for automakers. Toome
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