U.S. Senators killed an effort to rescue Detroit automakers Thursday night after a last-ditch attempt to renegotiate the deal died.
The package was doomed on a 52-35 procedural vote, well short of the 60 votes needed to bring the bill to the floor for passage.
"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."
Reid's comments came after a night of negotiations involving Sen. Bob Corker, R-Tenn., who wanted to revise the existing rescue deal to force pay cuts on union workers by demanding that General Motors and Chrysler pay back $14 billion in proposed government loans if they failed to slash labor costs a specified amount by March 31.
Corker met with fellow Republicans Thursday evening after talks with Democrats, and soon afterward, Reid made his announcement on the Senate floor.
"I dread looking at Wall Street tomorrow," Reid said. "It's not going to be a pleasant sight."
The White House quickly released a statement of regret after the failed Senate vote. more
"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."
Reid's comments came after a night of negotiations involving Sen. Bob Corker, R-Tenn., who wanted to revise the existing rescue deal to force pay cuts on union workers by demanding that General Motors and Chrysler pay back $14 billion in proposed government loans if they failed to slash labor costs a specified amount by March 31.
Corker met with fellow Republicans Thursday evening after talks with Democrats, and soon afterward, Reid made his announcement on the Senate floor.
"I dread looking at Wall Street tomorrow," Reid said. "It's not going to be a pleasant sight."
The White House quickly released a statement of regret after the failed Senate vote. more
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