House Speaker Nancy Pelosi said Saturday the House would provide aid to the ailing U.S. auto industry, requiring that the industry meet new fuel-efficiency standards, produce advanced vehicles and restructure "to ensure their long-term economic viability."
Pelosi, D-Calif., did not disclose the amount of funding House leaders intend to seek for the industry — automakers have been seeking $25 billion in loans to stabilize their sinking companies. But she said the funding should come from the $700 billion financial bailout approved by Congress in October.
The government is planning to get into the automobile business using the bailout loot to leverage the deal. They're even going to tell the manufactures how and what to manufacture. Oh, boy.
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