Last week, the House of Representatives passed a bill approving a $25 billion loan for the Detroit 3. Now the Senate, by a similar margin, has passed the bill, which means it needs George W. Bush's John Hancock in order for the automakers to see their funds.
25 Billion Dollar Bailout
- Damon Lavrinc
- Sep 24, 2008
The U.S. House of Representatives passed a bill this afternoon approving a $25 billion low-interest loan for domestic automakers. The bill passed with an overwhelming majority – 370 to 58 – and is on its way to the Senate for a vote on Friday before the White House gets the opportunity to lay pen to paper on March 6, 2009. The rates and rules of the loan are required to be spelled-out by the U.S. Department of Energy within 60 days of the bill becoming law, but automakers could be al
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