Big loans a step closer for U.S. car companies

The U.S. House of Representatives has passed a bill to direct $14 billion in emergency loans to the cash-starved Big Three auto manufacturers. Proponents hope the legislation can be enacted by the end of the week.

The U.S. House of Representatives has passed a bill to direct $14 billion in emergency loans to the cash-starved Big Three auto manufacturers.

Proponents hope the legislation can be enacted by the end of the week.

Under the plan, a "car czar" would administer the loans and have the power to force the carmakers into bankruptcy next spring if they don't restructure their businesses and become viable.

Despite passage in the House, the legislation still faces a big obstacle because Republican senators oppose it.

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