Auto bill just passed in the House 236 vs 170 but Auto Bailout Hung Up in the Senate Some Republicans staunchly oppose handing billions of dollars to the car companies, regardless of how much power a "car czar" is given
Republicans may have taken a beating in last month's national election, but they still wield plenty of power in the U.S. Senate. Opposition by several key senators to a federal bailout of the U.S. auto industry threatens to block a $14 billion loan package, at least until a new Congress convenes in January.
The White House and House Democrats hammered out a bill on Tuesday night, Dec. 9, that would give General Motors (GM) and Chrysler enough federal money to avert bankruptcy. The House appeared set to pass the bill Wednesday night. But despite measures that were added to strengthen the hand of a federal auto-industry overseer, the bill did not appear to have enough enough GOP support to gain the necessary 60 votes in the Senate. http://www.businessweek.com/bwdaily/dnflash/content/dec2008/db20081210_152585.htm?chan=top+news_top+news+index+-+temp_news+%2B+analysis
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