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US Lawmaker Calls for Federal Aid for US Auto Industry

  • VOA News

The speaker of the U.S. House of Representatives, Nancy Pelosi, has called on Congress to pass legislation giving the U.S. automobile industry emergency financial assistance.

Pelosi made the call Tuesday in a statement, urging lawmakers to quickly pass an amendment to the 700-billion-dollar government bailout package that would allow automakers access to the funds slated for banks and financial service firms.

She did not say how much aid should be allocated to the auto industry.

Monday, President-elect Barack Obama and President George Bush discussed possible aid to the troubled U.S. auto industry.

Analysts say General Motors, the largest U.S. car company, might go bankrupt without government help, jeopardizing millions of jobs tied to the industry.


Earlier Tuesday, World Bank officials said economic growth in developing nations will slow drastically next year, as financial turmoil, slower exports and weaker commodity prices take a toll.

Bank officials say they are boosting lending and other aid to developing nations by 100 billion dollars over the next three years.

The U.S. Federal Reserve is trying to help the fourth-largest U.S. credit card company by allowing it to become a commercial bank. Bank status will allow the American Express company to participate in the government's financial rescue program. American Express has been hurt as customers fall behind on payments.

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