The US House approved the Auto Industry Financing and Restructuring Act (aka, "Bankruptcy Lite") by a vote of 237-170. It's morning again in America. Well, at least until the Senate gets involved tomorrow.
The U.S. House of Representatives approved HR 7321, the Auto Industry Financing and Restructuring Act. The bill provides an immediate $14 billion in loans to prevent the collapse of GM and Chrysler and set the stage for government stakes in automakers and Washington-directed restructurings. The vote took place at 8:46 PM this evening by a vote of 237 (Aye) to 170 (noes) to 1 (present) to 26 (not voting) setting up a showdown in the Senate where prospects for passage are not as certain. Want to see how your member of Congress voted? Click here.