| House Of Representatives Have Finally Passed The $14 Billion Bill |
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| Thursday, 11 December 2008 | |
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The House of Representatives have finally passed the bill on Wednesday night which would provide with up to a $14 billion in to automakers in bridge loans; however, Republican opposition sent out doubts relating to the bill's destiny in the Senate afterwards this week. The stopgap measure, authorized with a vote of 237 to 170, is planned to permit the new Congress and the forthcoming government of President-elect Barack Obama to decide on a long-term solution. This would facilitate the companies to discuss with their creditors and the United Auto Workers union about additional allowances required to trunk out their losses which are ongoing. A total of 32 GOP members voted with 205 Democrats supporting the bill; however, 20 Democrats and 150 Republicans were against the bill. In Michigan, which is the dwelling region of the three major U.S. automakers about 8 Republicans along with six Democrats voted for the measure. It has been noted that even the Democrats were not able to come to a total agreement of the bill, with House and Senate Democrats thinking in their unique methods on one of the decisive factor the "car czar" must think about in deciding in the auto company's long-term feasibility plan. House Democrats require that those autos meet with the stricter "applicable" fuel efficiency and emissions standards, which will account for the decision of the state standards like those which will be applicable in California and New York since the Senate’s version of the bill requires the autos to meet with "federal" standards, which will not be as high as some of the benchmarks of the state. Even if the talks about the fuel efficiency standards are going to be resolved, Senate Republicans will still not be likely to flock on to the bill. "I don't think the votes are there on our side of the aisle," stated Sen. George Voinovich of Ohio, who is one of the few Republican supporters of the bill. "It's not gonna pass right now," remarked Sen. Richard Shelby, R-Alabama, a nervous critic of the bill. Many senators stated they were a bit concerned about the so-called "car czar," which will be created by the legislation, and they were doubtful of if the Czar will have sufficient power to force the troubled automakers to rejuvenate to become profitable. Some of the senators are against any kind of assistance to the automakers, stating "a disorderly bankruptcy could be fatal to U.S. automakers and have devastating impacts on jobs, families and our economy." |
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