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First green light for US carmakers' bailout

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First green light for US carmakers' bailout


The US House of Representatives has approved a multi-billion dollar bailout for the auto industry, sending it off for a vote in the Senate.

House Speaker Nancy Pelosi said: “Today we are considering legislation not as life support to sustain a dying industry, but as a jump-start for an industry that is essential to our country’s economies, economic health.”

However, observers say uncertainty is gripping the Senate, where a thin Democratic majority cannot ensure the bill’s passage.

Republican Senator Richard Shelby said: “Unless Chrysler, Ford and General Motors become lean and innovative and competitive in the marketplace, this is only delaying their funeral.”

It is reported a vote could come within 24 hours, but some Republicans have vowed to slow or even block the legislation.

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