House Democrats Looking for Auto Loan Changes

Several Senior Democrats in the House of Representatives have decided that it is time they start making some changes in the auto industry, starting with new automobile fuel economy standards. They want to see the standards set so that Americans will start using less fuel, and thus lessen the global warming problems that we are having.

They are trying to build support for climate change legislation in the fall, according to John Dingell, a Michigan Democrat. Many other Democrats have sided with Dingell, but Republicans are calling the bill weak at best. They say that it is not up to their standards or abilities and want the Democrats to go back to the drawing board to come up with a different plan.

The bill would set standards for not only automobiles, but also for the electric we use every day – refrigerators, freezers, etc. all would come under the new bill. It would also create an auto loan guarantee program that would help production of components for electric cars like the batteries that they take. The auto loan program would also help with grants to increase the options for alternative fuels.

The bill would require all auto manufacturers to make cars that average 35 miles to the gallon by 2020. Needless to say, auto makers are opposed to the bill as they say it would hurt them financially. However, the industry and its allies in the government are having no sway in changing that requirement.

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