House Decidedly Passes Autos Bailout BIll
The House just passed the $14 billion Detroit Big Three autos bailout bill by a vote of 237-170, sending it to a Senate where approval is no slam-dunk, thanks to the promised opposition of leading Republicans.
The bill was overwhelmingly endorsed by Democrats (205-20) and strongly opposed by Republicans (32-150).
The money provides nearly instant emergency bridge loans to GM and Chrysler at a low, low introductory rate of 5 percent. Ford said it doesn't need the money right now but wants to be able to tap it if the economy worsens.
The money is a repurposing of $14 billion of $25 billion in direct loans already approved to the automakers to help them retool their factories to make more fuel-efficient vehicles.
The passage of this bill represents a big victory for a lame-duck Bush administration with terrible approval ratings. Congress wanted to keep the $25 billion "green" loans inviolate and approve additional funds, but the White House promised to veto such a move, saying the emergency loans should come from the green money.
Congressional Democrats capitulated, reluctantly.
"Green is gold," House Speaker Nancy Pelosi (D-Calif.) said before the vote tonight.
Now, the White House must whip Sen. Richard Shelby (R-Ala.) and his contrarian Republicans into line.
December 10, 2008; 8:51 PM ET
Categories: The Ticker | Tags: Chrysler, Ford, GM, Nancy Pelosi, automakers, bailout
Save & Share: Previous: Autos Bailout Vote Underway In House
Next: Capitalism In Question: Why Is GOP For 'Forced Restructuring' Of Big Three?
Posted by: Putney1 | December 10, 2008 9:07 PM | Report abuse
Posted by: guesswho1 | December 10, 2008 9:21 PM | Report abuse
Posted by: jralger | December 10, 2008 9:42 PM | Report abuse
Posted by: steveherb | December 10, 2008 10:57 PM | Report abuse
Posted by: rsampson02 | December 10, 2008 11:45 PM | Report abuse
The comments to this entry are closed.