On Wednesday, the U.S. House of Representatives officially approved a $14 billion rescue loan package for the auto industry in a 237-170 vote. While the House’s approval of the emergency measure is a major hurdle the Detroit 3 have feared they wouldn’t clear, the bigger challenge will be muscling the bill through the Senate. More densely populated with Republican representation, the auto bailout bill as voted upon by the House has been met with very public disapproval from many Senate Republicans.
In an official statement made before the press yesterday, Sen. Bob Corker (R-Tenn.) warned, “This bill is an incredibly weak bill, it’s the product of an administration that wants to kick the can down the road, and I think it has minimal, very little support in our caucus.” In order to receive Senate approval, the bill must receive a total of 60 favorable votes, up to 20 of which must be Republican. As it stands, only a fraction of those 20 appear posed to approve the measure. Other Senate Republicans are demanding more compromise on the matter, threatening to filibuster the bill if sent to the floor as-is.
Source: Detroit Free Press
Image Cred: AP Photo by Susan Walsh