The beleaguered auto industry is saw new hope for a lifeline tonight, as the House of Representatives approved a $14 billion bailout plan 237-170, according to the New York Times. Those opposing the bill claimed that the auto industry should be allowed to fail in accordance with free-market principles, or that federal oversight of the process was too weak. Proponents of the bill cite a chance to save thousands of jobs in General Motors and Chrysler.
The bill still needs to pass in the Senate, where it is expected to face stiff opposition from Republicans. The Times went on to say that should the bill fail, Democrats would try again once the next Congress starts, and with it a much stronger Democratic majority.
Thoughts? Questions? Post a comment below.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment