House Passes Rescue Plan for Big 3

WASHINGTON -- Auto Makers Poised to Get $14 Billion in Loans, but Bill Will Be Tough Sell in Senate

The House of Representatives approved a wide-ranging rescue Wednesday of the nation's auto makers, sending the plan to the Senate where Republican critics could endanger the initiative.

Pulled down by a steep drop in sales, General Motors Corp., Chrysler LLC and Ford Motor Co. are seeking $34 billion in loans or lines of credit to weather the recession. Ford says it needs taxpayer-backed financing only for the long-term. GM and Chrysler say they need the cash before the end of the year to avoid collapse.

The legislation would authorize immediate release of $14 billion in emergency loans for the companies and open the door for approval of long-term financing if the companies can agree on plans to restructure.