Sweden offers $3.4 billion package to auto industry

The U.S. House of Representatives has just passed the $14 billion loan bill and it's now headed to the Senate, but that's not the end of the story. Lawmakers in Sweden have proposed their own aid package, totaling $3.4 billion for their country's auto industry. The primary players there are Saab and Volvo, owned by General Motors and Ford.

The Swedish government has made it clear, however, that ownership is not one of the goals of the new legislation.

"The measures will be taken with the clear assumption that the state does not intend to acquire any of the existing automotive manufacturers," the Swedish government announced in a statement. "They are also based on continued openness in relation to the ongoing process in the U.S. automotive industry and conclusions drawn by current or any new owners."

The funding is intended in much the same way the U.S. loans are - to aid current continued operation with an eye toward longer-term viability through accelerated production of green cars and technologies.

Both Saab and Volvo are expected to apply for the funds, as improving their bottom lines would make them easier to sell - a proposition floated by both GM and Ford in recent weeks. Offloading the money-losing brands would simultaneously cut losses and give an influx of cash to the ailing carmakers.