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.
NewsNews
Auto Bailout Stalls In Washington
Democrats and Republicans disagreed on the rescue plan for GM, Chrysler, and Ford. A vote never made it to the Senate.
By:
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WKRG-TV
Published: December 12, 2008
Published: December 12, 2008
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