$14B Auto Bailout Dies In Senate - NewsChannel5.com | Nashville News, Weather & Sports

$14B Auto Bailout Dies In Senate

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WASHINGTON (AP) -- 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 said it does not need federal help now, but its survival is far from certain.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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