House Speeds Toward Autos Bailout Bill Vote
The House just passed a procedural vote that will allow it to vote on the $14 billion autos bailout bill tonight, expected to come by about 7:30 p.m.
The big question is: Will it even matter if the House passes the emergency bridge loans to Ford, GM and Chrysler?
Sen. Richard Shelby (R-Ala.) and other Senate Republicans vowed earlier today to try to block the bill, preferring a "forced restructuring" under bankruptcy.
It's worth nothing that Shelby and a number of other Southern lawmakers have assembly plants of foreign automakers in their states that are not asking for government help, like the Detroit Big Three, and could arguably be put at a competitive disadvantage if Washington bails out Detroit.
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