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U.S. House approves $15B auto industry bailout

News Type: Event — Seeded on Wed Dec 10, 2008 10:08 PM EST
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WASHINGTON — The House passed a $15 billion auto bailout bill Wednesday, but a key supporter saw trouble ahead in the Senate.

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President-elect Barack Obama backs emergency bridge loans for Detroit's automakers in exchange for a restructuring of their businesses. So does President Bush, who sent Vice President Cheney and White House chief of staff Joshua Bolten to lobby Senate Republicans at their weekly lunch.

Afterward, Sen. Bob Corker, R-Tenn., told reporters, "They probably left with less support" than they came in with. "There's less than a handful of votes in there."

The bill would create a government "car czar" named by Bush to oversee assistance for American automakers. That official would have the power to force the companies into bankruptcy in spring if they don't make the necessary deals with labor unions, creditors and others to become viable.

The bill would limit executive pay, ban so-called golden parachute severance packages for departing executives and force the automakers to sell their corporate jets. It would give General Motors (GM) and Chrysler up to $15 billion in loans. It sets terms for Ford Motor (F), which has said it will not take a loan but will ask for a $9 billion credit line.

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