US Congress is set to vote on the $25 billion bailout for the top three automakers that is aimed to help stabilize the American auto industry later today starting at 10am. It is believed the movement doesn’t have enough support for the bill to be approved. The automakers have warned that if they don’t get help soon and if they all were to fail, the government would lose more than $150 billion in annual tax revenue and aggregately, more than 3 million people would lose their jobs.

Not everyone is on board with the bailout. People argue that these companies made bad business decisions; therefore they should be allowed to fail. Wyoming Republican Mr. Enzi doesn’t believe the big three should be bailed out and was quoted as saying that the bail out would be “another check issued by the taxpayer to solve a long-term problem with a short-term solution.” The Bush Administration supports helping the big three with the previously approved $25 billion fund, but not with new funding. Out of the big three, GM desperately needs cash now the most as it’s about to become insolvent by about March 09 which will have a profound impact on everyone if it goes under. GM also recently sold all of its stake in Suzuki to get much needed cash back. Chrysler is likely the best suited as it actually has about $11 billion cash on hand.