General Motors Getting Closer to $14 Billion in Bailout
The LA Times brings us a report on how the House of Representatives has passed a $14 (what happened to 15?) Billion dollar bailout plan for the big three auto makers, including Chevrolet owner General Motors. Now the Democratic Senate needs to approve, with help from the GOP (LOL!) to let this measure pass.
From The Los Angeles Times:
Reporting from Washington — The House approved a $14-billion bailout package for U.S. automakers Wednesday, but the fate of the plan — and of some of the nation’s most storied companies and brand names — remained uncertain because of deep-seated Republican opposition in the Senate, where Democrats cannot pass the bill without GOP help.
The 237-170 House vote came after the White House and Democratic leaders finalized a deal empowering a government “car czar” to force the companies into bankruptcy by next spring if they don’t restructure.
But many Senate Republicans are weary of government bailouts and worry that providing money to automakers will lead other industries to seek aid. Many on Capitol Hill also are convinced they should have attached more strings to the $700-billion Wall Street bailout.
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