Detroit Crashes the Conventions
In Denver and in St. Paul, U.S. automakers make a pointed case for congressional subsidies
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Detroit's Big Three are desperate for capital. So they've stormed the conventions in Denver and St. Paul-Minneapolis to get it.
The automakers have been trying to persuade Congress to speed up funding for $25 billion in subsidized loans to help retool their old plants. Given the industry's deteriorating state, they now say they need an extra $25 billion, all to be lent at low rates of 5% or so. Detroit's lobbyists want the funding approved before Congress adjourns on Sept. 30.