CEO says gas rules ambitious
General Motors CEO Dan Akerson says new fuel efficiency requirements being discussed by the government are “pretty ambitious” and suggested that Congress seek ways of reconsidering the coming standards every few years.
Mr. Akerson met last week with members of Michigan’s congressional delegation. He was named CEO in September and added the GM chairman’s title at the start of the year.
The auto executive raised concerns about fuel efficiency requirements being discussed for the 2017 to 2025 model years. Government regulators have said the fleet of new vehicles may need to meet a standard of somewhere from 47 miles per gallon to 62 miles per gallon by 2025, nearly double the current requirement.
Mr. Akerson said the increases would be difficult to attain and that Congress could consider reviewing the rules every two to three years.
Consumer borrowing up most in 2 years
Consumers increased the amount of money they borrowed in November to buy cars and attend college, marking the first back-to-back consumer credit gains in more than two years.
The Federal Reserve said consumer debt rose $1.3 billion in November after a $7 billion increase in October. The October figure was double the gain that the government initially reported.
The strength came in the category that includes auto loans and student loans. The category that includes credit card debt fell for a record 27th month, although the November drop was smaller than the previous four months.
Two members’ votes are voided
House Republicans had to correct a first-week gaffe by nullifying the votes of two of their members that were cast before they were sworn in.
Democrats pounced on the mistake, saying Republicans violated the Constitution on their first day in the majority by allowing the pair to vote six times before they were sworn in.