The United House of Representatives has approved a bail out package of $14bn for the ailing auto industry of the country. The auto industry has sought government intervention in order to stave off a financial disaster. The White House wants to enact a bill for saving the auto industry which can cause severe damage to the already suffering economy.
The package has been approved for three big auto manufacturers General Motors Corp. and Chrysler LLC. Ford Motor Co. The bill has been passed by the House and it is expected that the Senate will also give its consent soon. Surprisingly the bill is being opposed by the Republicans who want to force these companies into bankruptcy or they want them to accept tough conditions before qualifying for federal aid.
I believe that the economy which fell into recession in December would see more difficult times in coming days. The Bush administration has failed miserably on the economic front. In fact it appears that they do not have any policy at all for revival of the economy of the country. How much money can they possibly pump in to save the system from collapsing?
The United House of Representatives has approved a bail out package of $14bn for the ailing auto industry of the country. The auto industry has sought government intervention in order to stave off a financial disaster. The White House wants to enact a bill for saving the auto industry which can cause severe damage to the already suffering economy.
The package has been approved for three big auto manufacturers General Motors Corp. and Chrysler LLC. Ford Motor Co. The bill has been passed by the House and it is expected that the Senate will also give its consent soon. Surprisingly the bill is being opposed by the Republicans who want to force these companies into bankruptcy or they want them to accept tough conditions before qualifying for federal aid.
I believe that the economy which fell into recession in December would see more difficult times in coming days. The Bush administration has failed miserably on the economic front. In fact it appears that they do not have any policy at all for revival of the economy of the country. How much money can they possibly pump in to save the system from collapsing?
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