Surprise! The House of Representatives has signed “Auto Industry Financing and Restructuring Act,” also known in some circles as “The Motor City Shakedown.”
The bill passed in the House of Representatives by roll call vote. The totals were 236 in favor; 170 against; 27 voted present or did not vote. Reportedly the bil is running into resistance in the Senate.
The final version of the bill was not yet available, but here is draft I found last night:
Read the bill
In addition to showing support for Michigan families and organized labor, passage of the bill could help postpone more layoffs in the country, an especially compelling argument considering that The U.S. Department of Labor is reporting today that the number of new applications for unemployment insurance last week was 573,000; that’s an increase of 58,000 over the previous week’s figure of 515,000.
Tags: Auto bailout, Congress, jobs, Unemployment
