WASHINGTON - The top 3 automakers asked Congress for a $34 Billion bailout. According to the New York Times,Congress(House) has approved a bailout,which is not clear yet to last until the incoming Administration.More details may be released over the weekend.
UPDATE: It is going to cost taxpayers $14 Billion and is on its way to The White House.
UPDATE: GOP and other critics of the bill say it will cause a rise in taxes and decrease taxpayer confidence in Congress. The GOP will do what it can do to stop the bill from passing in the Senate.
UPDATE: The bill has NOT passed in the Senate thanks to all GOP Senators denying it with some Democrats.Most Democrats voted FOR the bill,which would've caused us $14 Billion. The Auto Dept is depending on the Treasury Dept. is looking for another way to give some money to the Big 3 Automakers,probably from the $700 Billion bailout.GM is closing 20 plants to cut costs.
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