Economy | Senators fail to find a solution to the federal auto bailout impasse, while markets plunge
by Emily Belz
Posted 12/11/08, 12:00 am
WASHINGTON - Negotiations in the Senate fell apart late Thursday night as Senate Democrats and the Bush administration failed to garner 60 votes to pass legislation for a $14 billion bailout to the auto industry.
Though the House of Representatives passed the bill, the Republican Senate leader Mitch McConnell said he did not support it Thursday, which signaled the bailout's almost certain death.
"I dread looking at Wall Street tomorrow," said Senate Majority Leader Harry Reid.