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US lawmakers confident auto loan plan will pass

Wed Sep 24, 2008 11:26am EDT

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WASHINGTON, Sept 24 (Reuters) - Key members of the U.S. Congress said on Wednesday they were confident a provision needed to trigger $25 billion in government-backed loans mainly for struggling Detroit-based auto companies would become law.

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The House of Representatives is expected to vote later in the day on a must-pass spending bill containing the $7.5 billion in taxpayer funds needed to issue the loans. The Senate plans to follow with swift action.

Senior officials of the Treasury and Energy departments worked with Congress to craft details, ensuring Bush administration support for the provision to help General Motors Corp GM.N, Ford Motor Co (F.N) and Chrysler LLC make more fuel-efficient cars and trucks.

Lawmakers, led by Democratic Rep. John Dingell of Michigan, said at a news conference that they would begin work on another $25 billion auto loan provision, possibly for next year. (Reporting by John Crawley; Editing by Lisa Von Ahn)



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