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The White House and congressional Republicans have called on Democrats to support a GOP plan to divert a $25 billion loan program created by Congress in September
-- designed to help the companies develop more fuel-efficient vehicles
-- to meet the auto giants' immediate financial needs. Sens. Carl Levin, D-Mich., Kit Bond. R-Mo., and George Voinovich, R-Ohio, are trying to broker an alternative that could provide bridge loans or a guarantee that the fuel-efficiency loan fund ultimately would be replenished. Negotiators were discussing a scaled-down aid package of $5 billion to $8 billion to help the automakers survive through year's end. But it was unclear whether any progress could be made. Democrats strongly oppose letting the car companies tap into the energy loans for short-term cash-flow needs. Despite the gridlock in Congress, there could be a contingency plan: a return to Washington in December for another postelection session to try to strike a deal. House Majority Leader Steny Hoyer, D-Md., noted that Democratic leaders were planning to gather for an economic conference the week of Dec. 8. "That is available," Hoyer said. "The year has not ended."
[Associated
Press;
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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