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| Version 4 | Version 5 |
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| US House backs car industry plan | US House backs car industry plan |
| (40 minutes later) | |
| The US House of Representatives has approved a $14bn (£9.4bn) bail-out of the US car industry. | |
| The vote came after the White House and leading Democrats reached broad agreement on the rescue package. | The vote came after the White House and leading Democrats reached broad agreement on the rescue package. |
| The bail-out could be delayed as it faces stiff opposition from Republicans in the Senate, where the Democrats have a razor-thin majority. | The bail-out could be delayed as it faces stiff opposition from Republicans in the Senate, where the Democrats have a razor-thin majority. |
| General Motors and Chrysler say they risk ruin without immediate aid. Ford says it may need funds in the future. | General Motors and Chrysler say they risk ruin without immediate aid. Ford says it may need funds in the future. |
| The legislation would provide loans to car makers to keep them in business over the coming months. | The legislation would provide loans to car makers to keep them in business over the coming months. |
| It would also see the appointment of a "car tsar", named by President George W Bush, to oversee the money, and with the power to force the automakers into bankruptcy if they did not restructure their businesses to become viable. | It would also see the appointment of a "car tsar", named by President George W Bush, to oversee the money, and with the power to force the automakers into bankruptcy if they did not restructure their businesses to become viable. |
| The government is also expected to take non-voting shares in General Motors, Ford and Chrysler. | The government is also expected to take non-voting shares in General Motors, Ford and Chrysler. |
| The "Big Three" automakers have until 31 March to submit plans to the "car tsar" detailing how they intend to restructure to ensure their longer-term survival, the Associated Press news agency said. | The "Big Three" automakers have until 31 March to submit plans to the "car tsar" detailing how they intend to restructure to ensure their longer-term survival, the Associated Press news agency said. |
| The three firms had called for $34bn between them when their bosses recently went before Congress to put their case. | The three firms had called for $34bn between them when their bosses recently went before Congress to put their case. |
| 'Weak bill' | 'Weak bill' |
| Democratic House Speaker Nancy Pelosi said the measures would act as "a jumpstart for an industry and our country's economic health". | Democratic House Speaker Nancy Pelosi said the measures would act as "a jumpstart for an industry and our country's economic health". |
| "It is a test," she said after the House passed the bill by 237-170. "And we will soon see in a matter of weeks if the executive suites in Detroit are willing to make the choices" offered by the bail-out package. | "It is a test," she said after the House passed the bill by 237-170. "And we will soon see in a matter of weeks if the executive suites in Detroit are willing to make the choices" offered by the bail-out package. |
| The bosses of Ford, GM and Chrysler had been seeking more money | The bosses of Ford, GM and Chrysler had been seeking more money |
| White House spokeswoman Dana Perino said: "We believe the legislation developed in recent days is an effective and responsible approach to deal with troubled automakers and ensure the necessary restructuring occurs." | White House spokeswoman Dana Perino said: "We believe the legislation developed in recent days is an effective and responsible approach to deal with troubled automakers and ensure the necessary restructuring occurs." |
| Senate Republicans have promised to oppose the bill. | Senate Republicans have promised to oppose the bill. |
| "People realise that this bill is an incredibly weak bill [and] is the product of an administration that wants to kick the can down the road and let somebody else deal with it," said Tennessee Senator Bob Corker. | "People realise that this bill is an incredibly weak bill [and] is the product of an administration that wants to kick the can down the road and let somebody else deal with it," said Tennessee Senator Bob Corker. |
| Republicans are said to prefer a plan that would demand concessions from auto-workers, encourage the car firms to declare bankruptcy and provide a system of government insurance that would protect private investment in the firms. | Republicans are said to prefer a plan that would demand concessions from auto-workers, encourage the car firms to declare bankruptcy and provide a system of government insurance that would protect private investment in the firms. |
| This follows criticism that the $700bn bail-out of the financial sector was insufficiently detailed. | This follows criticism that the $700bn bail-out of the financial sector was insufficiently detailed. |
| 'Disappointed' | 'Disappointed' |
| GM, Ford and Chrysler have all seen sales fall sharply this year in their home market. | GM, Ford and Chrysler have all seen sales fall sharply this year in their home market. |
| While this decline reflects an industry-wide fall that has also hit European and Japanese carmakers in the US, the Big Three have also been criticised for not offering an attractive range of vehicles. | While this decline reflects an industry-wide fall that has also hit European and Japanese carmakers in the US, the Big Three have also been criticised for not offering an attractive range of vehicles. |
| They have been said to be too slow in responding to the growing popularity of smaller, more fuel-efficient vehicles. | They have been said to be too slow in responding to the growing popularity of smaller, more fuel-efficient vehicles. |
| GM admitted on Monday that it had "disappointed" American consumers by letting "our quality fall below industry standards and our designs became lacklustre". | GM admitted on Monday that it had "disappointed" American consumers by letting "our quality fall below industry standards and our designs became lacklustre". |