Today, the Senate failed to stop a filibuster of a tax bill that contained a provision restoring the $8 billion to the Highway Trust Fund. Unfortunately, 60 votes were required to break the filibuster, but the bill failed by a vote of 51-43.
This does not mean the fight to restore the $8 billion to the Highway Trust Fund is over. In the House, a “clean” tax bill containing only the highway provision passed with 91 percent support (387-31). The Highway Users believes that Senate consideration of this clean bill would also receive overwhelming support in the Senate. Although it is too late to get such a bill on the Senate schedule before the August recess, we will pursue an aggressive fall strategy to fix the Highway Trust Fund.
Washington, D.C. – The Motor & Equipment Manufacturers Association (MEMA) announced its strong support of a bill introduced today by Sens. Debbie Stabenow (D-Mich.) and George Voinovich (R-Ohio) which would provide a tax credit to commercial vehicle purchasers when they buy vehicles with certain safety equipment installed. Additionally, Sen. Elizabeth Dole (R-NC) signed on to the measure as an original co-sponsor. The bill, S. 3428, is a companion to H.R. 3820, introduced last October by Reps. Mike Thompson (D-Calif.) and Ron Lewis (R-Kent.)
Specifically, the bill would 1) provide a tax credit equal to 50 percent of the cost of a qualified system, up to $1,500; 2) allow a total credit of up to $3,500 per vehicle; 3) limit the qualifying taxpayer to a maximum credit of $350,000 per taxable year; and 4) extend credit eligibility for the purchase of school buses, intercity buses and vehicles used in commerce weighing over 26,000 pounds.
Toledo - Ohio-based Dana Holdings Corp. plans to cut 500 salaried positions across North America due to the "unprecedented pressures" in the automotive industry.
According to a report from the Toledo Blade the layoffs will be made over the next three months. One hundred positions were cut yesterday at the manufacturer's Maumee, Ohio, technical center and included salaried engineers and technical workers, as well as employees in purchasing, administration and sales.
German ball-bearing maker Schaeffler Group said Germany's financial watchdog had signed off on its 11.3 billion Euros ($17.6 billion) bid to buy auto-parts company Continental AG.
The decision comes as a victory for Schaeffler in the takeover battle, as it was Continental that had called on the Financial Supervisory Authority to investigate the approach. By lodging an official offer, Schaeffler won't be obliged to make another and could creep to majority control by buying out shareholders individually.
ArvinMeritor Inc., Troy, Mich., saw net income increase dramatically for its third quarter ended June 30, compared to the same quarter last year.
Sales of $2 billion were approximately $340 million higher than the sam period last year. Net income was $44 million, or $0.60 per diluted share, compared to a net loss of $70 million, or $0.99 per diluted share, in the third quarter of fiscal year 2007.
BRUSSELS, Belgium (AP) -- ArcelorMittal SA, the world's largest steelmaker, said Wednesaday its second-quarter profit more than doubled as it increased steel prices to defray higher costs for energy and iron ore.
ArcelorMittal reported that its profit rose to $5.8 billion in the three months ended June 30 from $2.7 billion a year ago. Revenue was up more than a third to $37.8 billion from $27.2 billion a year ago despite only a slight increase in steel shipments worldwide.
Falconer, New York - Truck-Lite’s new 7” LED Headlamps are showing bright possibilities for the Heavy Duty Commercial Vehicle Market. As the first LED (light-emitting diode) headlamps in commercial production, they have currently entered service on a wide variety of military vehicles.
Some final development work took place at the Army Cold Regions Test Center near Fairbanks, Alaska, where technicians rigorously tested the LED Headlamps and reported on their effectiveness. “The Truck-Lite LED headlamps we’re testing are much easier on the eyes”, wrote one evaluator. “Despite their brightness, they should last through the 20 to 30 year lifetime of military vehicles,” wrote another, commenting that “The LED headlights provide daylight clarity. On the spruce trees up here, every needle stood out, unlike the incandescent lamps that glowed like mere candles in comparison.”