House Ok's Car Maker's Bailout

[pennypinch]

Today, the House passed a bill that would provide $14 billion dollars to American car makers, General Motors, Ford and Chrysler to keep them from going bankrupt. The fate of the bill is unknown as it moves on to the Senate for approval or disapproval.

The bill passed in the House by a vote of 237 to 170 with overwhelming democratic support. Only a total of 32 republicans voted for the bill.

Last week, automakers had requested $34 billion dollars and earlier this week they had talked about $15 billion. They may receive $1 billion less than they last asked for. That is, if the bill passes the Senate.

GM says they need $4 billion before the end of this month to stay afloat. They also think they may need an additional $6 billion in the first quarter of next year.

Ford motors is not expected to need bailout funds at this time as they have more cash on hand at this time than the other two companies.

Chrysler believes they will need $4 billion before the end of the first quarter of 2009.

[ClassyLady]

It is about time they do something right..I would love to know what they are doing with all our tax money.