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UPDATE 2-US Congress weighs loans for automakers
(Recasts, adds Pelosi, senate comment) By John Crawley WASHINGTON, Sept 9 (Reuters) - Congressional Democraticleaders expressed the intent on Tuesday to make it possible forbeleaguered U.S.-based auto companies to access at least $25billion in low interest loans, a priority for industry facingtougher requirements for fuel efficient vehicles. 'It's very important to our country,' House ofRepresentatives Speaker Nancy Pelosi told reporters aboutcredit assistance aimed mainly at helping General Motors Corp(GM.N: Quote, , Research, ), Ford Motor Corp (F.N: Quote, , Research, ) and Chrysler LLC retoolfactories and spark more investment in battery research. Domestic manufacturers, whose core sport utility and truckbusiness has collapsed amid record high fuel prices and asluggish economy, lag behind Japanese and other overseascompetitors in making gasoline/electric hybrids and other fuelefficient cars that consumers are now demanding. Pelosi, a California Democrat, and her chief deputy,Majority Leader Steny Hoyer of Maryland, could not say whetherfunding legislation needed to trigger the loans could beapproved before Congress is scheduled to leave town at the endof the month -- possibly for the rest of the year. Senate allies of automakers also said the matter was beingdiscussed, but no decision has been made on how to get anymeasure through that chamber with time working against them. 'It will certainly be part of something that is moving.Given the three-week time frame its highly unlikely that itwill be a separate piece of legislation,' said Sen. DebbieStabenow, a Michigan Democrat. Sen. George Voinovich, an Ohio Republican, said lawmakersare evaluating all aspects, but 'it's all brand new.'