Repeal the Advanced Technology Vehicles Manufacturing Program

  • Potential 10 Year Savings: $2.5 Billion
  • Sponsor: Rep. Bill Flores
  • Legislation: H.R. 3306
  • Status: Introduced

This program provides auto companies $25 billion in direct loans under legislation passed by Congress in the fall of 2008. It provides debt capital to domestic auto manufacturers to fund projects that help vehicles made in the U.S. meet higher millage requirements. These loans were provided in addition to $17.4 billion in bailout money provided from TARP to several domestic auto companies at the end of 2008. The FY 2012 Homeland Security Appropriations bill adopted by the House on June 2, 2011 cut unobligated balances for the program by $1.5 billion as an offset for disaster relief funding for the Midwest floods. Terminating the program prior to the end of the current fiscal year could potentially save an additional $2.5 billion.

ERIC CANTOR