When Congress wants to hand out money, it apparently wants to include everybody. Barney Frank, Chairman of the House Financial Services Committee, is likely to propose a measure that lets automakers tap into the $700 billion vein of rescue dollars that's ostensibly intended for financial institutions, yet is being hungrily eyed by everyone.

Automotive News is reporting that Volkswagen has moved the debut of its mid-engine roadster from this month at the LA Auto Show to January at the 2008 North American International Auto Show in Detroit. The only reason given for the move is that VW expects there to be more interest for the concept two-seater in Detroit than LA. We would hazard a guess that it's also got something to do with budgets being trimmed back, but what do we know.

Volvo sales have been flat-out tanking in the U.S., as Swedish metal moved in September 2008 at a 51% lower rate than it did in the same month of 2007. New product should help Ford's (for now) Swedish unit reverse that precipitous slide, the first sample of which will be seen as an S60 concept to be revealed at the Detroit Auto Show in January. We're a couple months away from seeing Volvo's midsize concept, but the Swedes are showing us a sneak peak at the interior to pique our interest.

Last week, the House of Representatives passed a bill approving a $25 billion loan for the Detroit 3. Now the Senate, by a similar margin, has passed the bill, which means it needs George W. Bush's John Hancock in order for the automakers to see their funds.

The process actually began last year when Congress put the language for the loan into an energy bill, but didn't allocate the money for it. Now that the actual sum has been "found" and approved, the details of the loan and repayment need to be sorted out. The energy department has 60 days to do the math once the loan becomes law, but the Energy Secretary said it could still take 18 months or more for GM, Ford, and Chrysler to get the money.

The U.S. House of Representatives passed a bill this afternoon approving a $25 billion low-interest loan for domestic automakers. The bill passed with an overwhelming majority - 370 to 58 - and is on its way to the Senate for a vote on Friday before the White House gets the opportunity to lay pen to paper on March 6, 2009. The rates and rules of the loan are required to be spelled-out by the U.S. Department of Energy within 60 days of the bill becoming law, but automakers could be allowed to repay the loans over as long as 25 years, along with the Energy Department deferring payment for up to five years.

The desire to take on Ferrari has birthed at least one iconic car (GT40) and launched an entire brand (Lamborghini), and for David Frem, a 25-year-old Lebanese design student, the ambition to chase after Italy's prancing horse has created this: the Frem F1.

After three years of design and fabrication, Frem has created the F1 prototype as a steppingstone to the production version, aptly titled the F2, which is slated to appear at the Detroit Auto Show this January.