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US House approves US$14-bln auto industry bailout
THE US House of Representatives approved a bill yesterday to lend up to US$14 billion to the three struggling US automakers, General Motors Corp, Ford Motor Co and Chrysler LLC.
Introduced by Democrats, the bill is nearly identical to one pending in the Senate, where Republican opposition was making its chances for passage look uncertain.
The bailout proposal would extend taxpayer-funded loans or lines of credit to the Detroit Three and create a federal government post of 'car czar' to oversee the industry.
Introduced by Democrats, the bill is nearly identical to one pending in the Senate, where Republican opposition was making its chances for passage look uncertain.
The bailout proposal would extend taxpayer-funded loans or lines of credit to the Detroit Three and create a federal government post of 'car czar' to oversee the industry.
