GMC Chairman to push for Congress backing on $50 billion federal loan
Rick Wagoner, Chairman of General Motors Corporation will participate in a Senate Energy Summit on September 12th, to push Congress into backing a $50 billion federal loan to Detroit’s Big Three automakers.
Democrats and Republicans have been at loggerheads over rising energy prices and how to relieve them. The energy summit, scheduled for Sept. 12, was initiated by group of senators hoping to break a deadlock over loans authorized by Congress in last December’s energy bill but not funded. The $50 billion federal loan was meant to retool plants to build advanced technology vehicles.
A $7.5 billion energy bill for automakers, parts suppliers and consumer incentives was unveiled in July, by a group of senators known as the Gang of 10. The bill has now garnered the support of six other senators who moved the plan for an energy summit.