GOP Senators Come Out Against Bailout Bill

UPDATE 9:15 PM ET: The bill has cleared the House, by a margin of 237-170. Its prospects in the Senate remain unclear. Looks like the Senate vote will happen Thursday.

ORIGINAL POST: The vote on the ginormous $14 billion auto maker bailout bill is tonight, but now comes late word that a growing number of Senate Republicans aren't ready to give it the okay. The measure was put together by Democrats and the Bush administration, which has sent White House officials to Congress to try to rally for votes.

Many GOP senators say the bill is weak and doesn't have enough long-term considerations. Tennessee Republican Bob Corker accused President Bush of trying "to kick the can down the road and let somebody else deal with it."

Even auto state Republicans who have pushed hard for a bailout said the measure needed work. Sen. Kit Bond, R-Mo., said he wanted to see changes. And Sen. George V. Voinovich, R-Ohio, said the bill didn't have the necessary Republican votes to pass Congress.

The Republicans' revolt came as the House began procedural votes on the package.

It would provide money within days to cash-starved General Motors Corp. and Chrysler LLC, while Ford Motor Co. - which has said it has enough liquidity to stay afloat - would be eligible for federal aid as well.

The plan would create a government "car czar," to be named by President George W. Bush to dole out the loans, with the power to force the carmakers into bankruptcy next spring if they didn't cut quick deals with labor unions, creditors and others to restructure their businesses and become viable.

The measure needs 60 votes to pass and at this point it seems unlikely to get them. Stay tuned...