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Investment Outlook Summit

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Reuters talks to portfolio managers and strategists to find what's on the horizon. Learn how to position your portfolio in the year ahead.   Full Coverage 

Auto aid will come from energy fund: source

WASHINGTON
Fri Dec 5, 2008 10:00pm EST

WASHINGTON (Reuters) - A White House and Congressional plan to help U.S. automakers would tap an existing $25 billion Energy Department fund for advanced technology, a source with knowledge of the discussions told Reuters on Friday.

Deals

A stalemate between the White House and Congress over the source of money to help Detroit ended when Democratic leaders agreed to use the Energy Department money, the source said, speaking on condition of anonymity. However, crucial details such as what specific conditions to impose on automakers in exchange for the money had yet to be worked out and would be discussed over the weekend, the source said.

General Motors, Ford Motor, and Chrysler have asked for $34 billion in federal aid.
Deals


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