Out of gas: Congress may cut off auto industry financing

The United States House of Representatives recently made headlines after it approached a bill that seeks to curb the government's auto industry financing. The Detroit News reports that the House recently approved a stopgap bill that will reduce the amount spent on an auto loan program by $1.5 billion. The money will be cut from the Advanced Technology Vehicle Manufacturing program, which has $4 billion left in its $25 billion loan guarantees from the government One of those in favor of the funding cuts was Texas Representative Jeb Hensarling, who said that the government needed to tighten its budget just as many citizens would have. "While families across America are being forced to pay for these horrible tragedies by cutting back in other areas, Washington too often refuses to make the same priorities," wrote Hensarling in an email to other congressmen, according to the newspaper. However, not all of Hensarling's colleagues were as pleased with the funding cut. In a statement following the vote representative Sander Levin said that Republicans were pushing an "anti-jobs bill" during a time when Americans could least afford it.