'Congress Approves $14 Billion Auto Bail Out Bill'

Congress Approves $14 Billion Auto Bail Out Bill

By Tony Stark at 12/12/08 01:13

The ailing auto industry of America that particularly hit the Big Three has seen a good hope last December 10 when the House of Congress approved the $14 Billion auto industry bail out bill.

The congress approved the HR 7321 or known as the Auto Industry Financing and Restructuring Act with an easy win. The total votes of those who are in favor of the bail out reached to 237 and those who are not in favor of it only totaled 170. One vote went to present and 26 congressmen did not bother casting their votes.

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The voting took place at around 8:40 in the evening with the bill ordering immediate help to prevent the collapse of General Motors (GM) and Chrysler by providing them a loan worth $14 billion.

The loan does not only give the automakers enough money to salvage their companies away from bankruptcy, it also gives the government a control over the re-structuring of the American car companies.

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