House Approves Auto Loans; Now Onto More Challenging Senate Vote

House Approves Auto Loans; Now Onto More Challenging Senate Vote

The U.S. House of Representatives approved emergency loans to General Motors and Chrysler Wednesday night. Now the focus shifts to the Senate where Republican opposition threatens to stall or kill the bill altogether.

Senate Republicans, who will vote on the bill together, say it doesn't have the votes to pass.

The House approved the $14 billion in loans in a vote of 237-170. The loans would go to General Motors and Chrysler to stay afloat through March; Ford has said it doesn't need the funds immediately but would like access to a line of credit in case the economy worsens beyond its projections.

Michelle Krebs:  is Editor-in-Chief of AutoObserver.com. Follow @AutoObserver on Twitter.