The latest budget bill from the U.S. Senate allegedly came together under a veil of secrecy and will be sent to the president to be signed. This bill is what is being discussed when you hear about Democrats lifting the ban on offshore drilling on the news. It is a different measure than the energy bill we discussed last week from the U.S. House of Representatives.
A budget bill needs to pass before an Oct. 1 deadline, and the majority of the bill includes major funding for the Pentagon ($488 billion) Homeland Security ($40 billion) and veterans and military ($73 billion).
In comparison, the $25 billion in low-interest loans for the U.S. auto industry to fund advanced technology doesn’t seem like that big of a deal. While it won’t fix everything wrong with the Detroit Three, it should lead to more-efficient cars as well as alternative-fuel and hybrid vehicles in the next few years from Ford, GM and Chrysler.