U.S. House approves $15B auto industry bailout
WASHINGTON -- The House passed a $15 billion auto bailout bill Wednesday, but a key supporter sees trouble ahead in the Senate.
"I don't think the votes are there," said Sen. George Voinovich, R-Ohio, a backer of the measure. Earlier in the day, several GOP critics lambasted the bill as not going far enough in requiring changes, even though the White House supports it.
"This is only delaying their funeral," Sen. Richard Shelby, R-Ala., said of the carmakers.
The bill passed the House by a vote of 237-170. Senate Majority Leader Harry Reid of Nevada said the Senate would debate the legislation through the weekend if necessary.
The White House on Thursday said the weak economy can't afford the collapse of the nation's automakers.
White House press secretary Dana Perino cited the latest bad economic news — a jump in jobless claims to the highest level in 26 years — in arguing for Senate passage of a bailout package.
Perino said the economy is in such a weakened state that adding another 1 million people to the unemployment rolls from an auto industry failure would be crushing. She said: "We don't think the economy can sustain it."
Perino called the legislation a reasonable approach.
She said President Bush and other administration officials would be lobbying senators Thursday to vote for the bill.
On Wednesday, Bush sent Vice President Cheney and White House chief of staff Joshua Bolten to lobby Senate Republicans at their weekly lunch.
Afterward, Sen. Bob Corker, R-Tenn., told reporters, "They probably left with less support" than they came in with. "There's less than a handful of votes in there."
President-elect Barack Obama backs emergency bridge loans for Detroit's automakers in exchange for a restructuring of their businesses.
The bill would create a government "car czar" named by Bush to oversee assistance for American automakers. That official would have the power to force the companies into bankruptcy in spring if they don't make the necessary deals with labor unions, creditors and others to become viable.
