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The measure, supported by Obama and most Democrats in Congress, was approved in the House last year but stalled in the Senate. Meanwhile, Obama has promised to help Ford Motor Co., General Motors Corp. and Chrysler LLC by doubling a recently approved loan program to $50 billion to help the auto industry develop more fuel-efficient cars. Oil and gas companies such as Exxon Mobil Corp. and Chevron Corp., however, could face a windfall profits tax, which Obama has promised to impose to pay for a $1,000 "emergency energy rebate" for families. Also on energy, Obama proposes spending $150 billion over 10 years to speed the development of plug-in hybrid cars and "commercial-scale" renewables, such as wind and solar. Under an Obama administration, pharmaceutical companies will struggle to defend the lucrative Medicare drug benefit, which pays for medications taken by 47 million elderly people. Obama has pledged to allow the government to negotiate drug prices under the program directly with the pharmaceutical companies, saying it could save $30 billion.
[Associated
Press;
Copyright 2008 The Associated Press. All rights reserved. This
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