As Congress considers a $25 billion bail-out for the auto industry, President Bush signed a $630 billion spending bill in September that included a $25 billion loan to the auto industry to help carmakers improve overall Corporate Average Fuel Economy (CAFE--vehicle fuel efficiency) standards to 35 miles per gallon by 2020, as authorized in the Energy Independence and Security Actof 2007.
The American auto companies are in such distress that they cannot wait the year-and-a half through the regulatory promulgation process before money becomes available. They need it now or just as soon at the government can get it to them. The Center is opposing all bailouts. Let the market work.
No comments:
Post a Comment