Tools

Spending Bill To Boost Local Auto Industry

Written by Christina Heller

Story Created: Oct 3, 2008 at 3:25 PM PST

Story Updated: Oct 6, 2008 at 8:07 AM PST

Ventura, CA--Earlier this week President Bush signed a $25 billion loan package to help ailing auto-makers. The bill is proposed to secure $25 billion in low-interest loans to help General Motors Corp, Ford Motor Co and Chrysler LLC produce more eco-friendly vehicles.

At a time when the credit industry is suffering, U.S. automakers said loan package capital would be easier to access.

The money will help Ford, General Motors and Chrysler to transform factories so they can produce more fuel-efficient vehicles. The auto industry must make new investments in greener technologies to meet tough new federal fuel economy standards.

Local dealerships such as Barber Ford on Ventura's Main Street says, the auto loan package and the economic rescue plan will help the industry.

KEY News Ventura County Bureau Chief Tracy Lehr explains.
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