Bid to Save GM, Chrysler Loans Dies in Senate
Senate Votes Down Bill to Aid Automakers After Last-Ditch Negotiations and House Vote to Approve
Senators voted down a bill to rescue of Detroit automakers after a last-ditch attempt to renegotiate the deal died. The bill failed in the Senate by a 52-35 vote, despite it's earlier passage in the House of Representatives and its endorsement by the White House.
"To all those within the sound of my voice: We have tried very, very hard to legislate for the automobile industry," Senate Majority Leader Harry Reid, D-Nev., said on the Senate floor before the vote. "I am very sorry we have not been able to find a conclusion." Read more...
Auto Bailout Talks Collapse in the Senate
WASHINGTON (AP) -- A $14 billion bailout for Detroit's struggling Big Three has died in the Senate after failing on a procedural vote.
The collapse came after bipartisan talks on the auto rescue broke down over GOP demands that the United Auto Workers union agree to steep wage cuts by 2009 to bring their pay into line with Japanese carmakers.
Majority Leader Harry Reid said he hoped President George W. Bush would tap the $700 billion Wall Street bailout fund for emergency aid to the automakers. General Motors and Chrysler have said they could be weeks from collapse. Ford says it does not need federal help now, but its survival is far from certain. Read more....
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