Friday, December 12, 2008

Today's Fly Or Die Commerce Report: The Auto Bailout

Although the House of Representatives quickly passed the Auto Bailout Bill earlier this week, the bill has stalled in the Senate.

In a vote of 52-35, the U.S. Senate declined the $14 billion bailout.

Financial analysts have predicted that General Motors and Crysler are likely to close its doors within a few weeks without the financial assistance of the government.

However, according to CNN, all is not lost for the auto makers. The news source states that: "The struggling auto makers may get some money anyway. As part of their effort to urge skeptical Republicans to back the deal, Bush officials made clear that if Congress didn't act, the White House would have to step in to save Detroit from collapse with funds from the Troubled Asset Relief Program."

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