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U.S. House approves $14-bln auto industry bailout

Published: 10 Dec 2008 18:44:05 PST

WASHINGTON, Dec 10 - The U.S. House of Representatives approved a bill on Wednesday to lend up to $14 billion to the three struggling U.S. automakers, General Motors Corp <GM.N>, Ford Motor Co <F.N> and Chrysler LLC [CBS.UL].

Introduced by Democrats, the bill is nearly identical to one pending in the Senate, where Republican opposition was making its chances for passage look uncertain.

The bailout proposal would extend taxpayer-funded loans or lines of credit to the Detroit Three and create a federal government post of "car czar" to oversee the industry.