The House of Representatives approves auto bailout legislation

General Motors Corp, Ford Motor Co, and Chrysler LLC., will now feel a little less pressure, as the House of Representatives has approved the bill to bailout the big three U.S. automakers. The bill was being negotiated by the Bush administration and the Democrats; it managed to clear the House by 237-170.

There are those who do not agree that taxpayer’s money should be used to bailout these automakers, but the supporters for the bill had said that these measures are necessary, as a collapse of one or more of these companies could damage the U.S. economy further.

The bill was still 60 votes shorts for the bill to avoid procedural hurdles, the House and Senate will now have to pass an identical measure, so that President George W. Bush can sign the law so that General Motors Corp, Ford Motor Co, and Chrysler LLC., can receive federal help.

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