GOP Sen. Mitch McConnell: “We simply cannot ask the American taxpayer to subsidize failure". $14B auto bailout dies in Senate
See...it is not the end of the world.
AP wrote:
The Congress killed a $14 billion package to aid struggling U.S. automakers tonight after a partisan dispute over union wage cuts derailed a last-ditch effort to revive the emergency aid before year's end. Republicans, breaking sharply with President George W. Bush as his term draws to a close, refused to back federal aid for Detroit's beleaguered Big 3 without a guarantee that the United Auto Workers would agree by the end of next year to wage cuts to bring their pay into line with Japanese carmakers. The UAW refused to do so before its current contract with the automakers expires in 2011. The breakdown left the fate of the auto industry — and the 3 million jobs it touches — in limbo at a time of growing economic turmoil. General Motors Corp. and Chrysler LLC have said they could be weeks from collapse. Ford Motor Co. says it does not need federal help now, but its survival is far from certain.
AP wrote:
The Congress killed a $14 billion package to aid struggling U.S. automakers tonight after a partisan dispute over union wage cuts derailed a last-ditch effort to revive the emergency aid before year's end. Republicans, breaking sharply with President George W. Bush as his term draws to a close, refused to back federal aid for Detroit's beleaguered Big 3 without a guarantee that the United Auto Workers would agree by the end of next year to wage cuts to bring their pay into line with Japanese carmakers. The UAW refused to do so before its current contract with the automakers expires in 2011. The breakdown left the fate of the auto industry — and the 3 million jobs it touches — in limbo at a time of growing economic turmoil. General Motors Corp. and Chrysler LLC have said they could be weeks from collapse. Ford Motor Co. says it does not need federal help now, but its survival is far from certain.
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