Yesterday, the House voted 237 to 170 in support of the $14 billion auto bailout, which would give emergency loans to GM, Chrysler and Ford. The Big Three must also present restructuring plans by March 31; Bloomberg News says that GM only has weeks of cash left to keep operating. However, it's now a "race against the clock," because it appears it may fall short of the 60 votes needed to pass it as Senate Republicans have voiced opposition to the plan (they think the "Car Czar," appointed to oversee the plan, doesn't have enough authority). Rep. John Dingell (D-Michigan) said, "Without this bridge, we’re going to fall into the biggest calamity this country has known since the Great Depression. A terrible disaster looms."
House Passes Auto Bailout, But Senate Will Be Tough
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"It puts more of a burden on New York — puts more of a burden on 49 other states."
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