House approves auto bailout legislation to provide up to $14 billion

The House of Representative last night approved bailout legislation to provide up to $14 billion in bridge loans that will help Detroit’s Big 3 from collapsing while forcing them to restructure. But as the saying goes “it ain’t over ’til the fat lady sings.”

The bill will now go to the Senate which could vote early as later today; however, there is still uncertainty of the approval passing the Senate due to a small Democratic majority. The bill cleared the House by 237 Yeas and 170 Nays.

It is reported that Democrats will need at least a dozen or more Republican votes to win the passage.

You can check out highlights from last night in the Reuters video posted after the jump.

 

Source: Reuters