U.S. Reps. Paul Hodes (D-Concord) and Carol Shea-Porter (D-Rochester) each voted in favor of a plan that would provide loans to automobile companies to help prevent them from falling into bankruptcy.

The House voted 237-170 Wednesday night to approve a bailout that would give American car companies $14 billion in loans that would last them until March. To accept the money the companies must promise to restructure their companies by March 31st and President Bush would appoint a "car czar" who would oversee the restructuring.

""Today, I voted yes on the Auto Financing and Restructuring Act. Although I am very disappointed with the management decisions that the auto industry has made over the past 30 years, I believe immediate action must be taken in order to protect millions of American jobs, including 12,000 in New Hampshire," Shea-Porter said in a statement. "A domestic auto industry is essential for both our economic and our national security. Therefore, it is critical that this important industry survive."

Hodes said in a press release that he supported the plan because he wanted to protect jobs in the Granite State.

"If the Big Three auto companies fail, millions of American jobs would be lost and it would send ripple effects throughout our economy. In New Hampshire, we could lose up to 12,000 jobs if these companies were thrown into bankruptcy," Hodes said. "I opposed the $700 billion bailout of Wall Street because it wasn't a bottom-up approach that helps Main Street. Today we are helping millions of hard working Americans avoid losing their jobs during the holiday season as Congress works for a long-term solution to restructuring the auto industry.

Both Shea-Porter and Hodes said that the plan is not like the Wall Street bailout that they opposed earlier this fall.

"This legislation should not be viewed as a reward for bad behavior, but as a loan with appropriate restrictions that must be repaid to the American taxpayers.  Unlike the Wall Street Bailout, this legislation provides strict oversight, accountability, and taxpayer protection," Shea-Porter said.

While Hodes argued that, "this plan has accountability, oversight, and it protects jobs. While this is a short-term fix; we now need to focus on long-term solutions. The auto industry needs a complete overhaul, and I will remain vigilant to ensure the auto companies revitalize and retool for the 21st century so we can keep millions of Americans working."