House Passes Emergency Loan for Automakers
The U.S. House last night approved and sent to the Senate a $14 billion emergency bridge loan for the nation’s Big Three automakers. The 237-170 vote marks a big step in the effort to prevent the shutting down of one or more of the automakers, which could lead to the loss of more than 3 million jobs in the first year.
The Senate could take up the bill as early as today. Although the loan enjoys strong support from both sides of the aisle and the Bush White House, a small minority of Republican senators have threatened to try and block the legislation when it comes to the floor.
