WASHINGTON – Congress today included a provision in the FY-09 Continuing Resolution (H.R. 2638) to provide $25 billion in low-cost loans to domestic automakers through the Department of Energy’s direct loan program. The spending was authorized in the Energy Independence and Security Act of 2007 as a result of new federal requirements on fuel economy and automotive technology enacted by Congress last year. The continuing resolution passed by a vote of 370-58, with one member voting “present.”

Congressman Vernon J. Ehlers made the following statement following the bill’s passage:

      “The inclusion of loans for the automobile industry is a victory for the people of Michigan. It will generate new innovation in car manufacturing in Michigan, providing new jobs within the Big Three and the businesses that support them.

      “Congress authorized this loan program when we tightened Corporate Average Fuel Economy (CAFE) standards last year. This will allow domestic vehicle manufacturers to more quickly design and build fuel efficient cars and trucks in our home state, advance the development of alternative energy vehicles, and put our country on a path to reducing its dependence on fossil fuels.

      “I was pleased to work with the entire Michigan Congressional delegation on successfully including these loans in the continuing resolution.”