After major carmakers such as General Motors and Ford announced billion dollar losses in the fourth quarter, Rep. John Dingell called for the US to speed up getting government loans to them, says the Daily News . These loans would allow for the carmakers to invest in alternative fuel vehicles considering the lack of large vehicle sales they have been experiencing in the wake of $4 a gallon gas.Rep. John Dingell wants $25 billion in aid for carmakers to be distributed soon.

The loans have already been authorized, and guidelines for the loans need to be passed by December. However, Dingell stated "It is essential for the department to undertake this effort with urgency. Providing the domestic automobile industry with targeted and timely assistance will help stimulate the entire economy." Dingell, a Democrat and chairman of the House Energy and Commerce Committee is trying to get the funds taken care of before Congress adjourns.

Major carmakers are closing factories due to the snubbing of large gas guzzling cars by consumers in favor of more fuel efficient ones. Bankruptcy is a possibility for some, with predictions that one of the nations automakers will default in the next five years, reports UniCredit.