Detroit auto execs ask Pelosi to fund loan program

WASHINGTON (AP) -- The top executives of Detroit's auto industry are asking House Speaker Nancy Pelosi to fund a $25 billion loan program to help the companies modernize their plants and build more fuel-efficient vehicles.

The leaders of General Motors Corp., Ford Motor Co. and Chrysler LLC wrote in a letter to Pelosi released Wednesday that they are committed to building more fuel-efficient vehicles, but the industry faces significant challenges because of the U.S. economy.

The executives wrote that the combination of the housing crisis, the credit crunch, rising commodity prices and the rapid change in gas prices have the potential to severely impact tens of thousands of employees.

Auto executives are planning to meet with Pelosi and congressional leaders on Capitol Hill.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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