House passes $14 billion auto bailout package

December 11, 2008 by frankls
Filed under: Hot Topics

House passes $14 billion auto bailout package
The House of Representatives handily passed a bill Wednesday night that would provide up to $14 billion in bridge loans to automakers, but Republican opposition cast doubt about the bill’s fate in the Senate later this week.

The stopgap measure, approved by a vote of 237 to 170, is designed to let the new Congress and incoming administration of President-elect Barack Obama craft a long-term solution. It would also give the companies time to negotiate with creditors and the United Auto Workers union on additional concessions needed to stem their ongoing losses.
Thirty-two GOP representatives voted with 205 Democrats in support of the bill while 20 Democrats and 150 Republicans opposed the bill.

Here is the original House passes $14 billion auto bailout package – CNN.com

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Is The UAW The Main Reason The Democratic Congress Wants To Bailout The Auto Industry.?

If GM & Chrysler goes into bankruptcy, the union contracts go out the window. The companies can reorganize without the union albatross around their necks.
Is the fact that union jobs may be lost the main reason the Democrats want to see the auto makers avoid bankruptcy? Will the Democrats lose hundreds of millions of dollars in campaign donations if those jobs evaporate?

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