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NATIONAL BRIEFING / WASHINGTON

Pelosi says House will aid carmakers

November 16, 2008|Times Wire Reports

House Speaker Nancy Pelosi said Saturday that the House would provide aid to the ailing U.S. automakers, requiring that the industry meet new fuel-efficiency standards, produce advanced vehicles and restructure "to ensure their long-term economic viability."

Pelosi (D-San Francisco) 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.

Pelosi said in a statement that the plan would include "even stronger limits on executive compensation and assurances to protect the taxpayer."

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