Senate rejects auto industry bailout plan
The U.S. Senate rejected an emergency bill to provide billions of dollars of aid to the Detroit 3 carmakers late on Thursday, dashing the hopes of General Motors and Chrysler, both of which may run out of cash by the end of the year.
“We have not been able to get this over the finish line,” Senate Majority Leader Harry Reid said after 10 pm, following day-long negotiations to broker a deal among lawmakers, carmakers, unions and other interest groups.
Earlier this week the White House and Congress reached an agreement on most major points of the planned billion rescue package, with only several final issues left to be decided, and yesterday the Democrat lead House of Representatives passed the bill, voting 237-170 in favor of it.
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