US auto bailout fails in US Senate

A proposed government bailout for the struggling US auto industry faces uncertainty as a house-approved USD 14 billion plan ran into stiff opposition from the Republican lawmakers in the Senate.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney
moneycontrol.com

Home » News » Economy

Dec 12, 2008, 10.58 AM | Source: CNBC-TV18

US auto bailout fails in US Senate

A proposed government bailout for the struggling US auto industry faces uncertainty as a house-approved USD 14 billion plan ran into stiff opposition from the Republican lawmakers in the Senate.

Like this story, share it with millions of investors on M3

US auto bailout fails in US Senate

A proposed government bailout for the struggling US auto industry faces uncertainty as a house-approved USD 14 billion plan ran into stiff opposition from the Republican lawmakers in the Senate.

Post Your Comments

Share Cancel

Power Breakfast

Excerpts from Power Breakfast on CNBC-TV18 Watch the full show ยป

The US Senate failed to reach a compromise to bail out Auto Makers. A Senate aide said that the debate on the bailout legislation is over for this year

 

Earlier, CNBC-TV-18 reported that a proposed government bailout for the struggling US auto industry faces uncertainty as a House-approved USD 14 billion plan ran into stiff opposition from the Republican lawmakers in the Senate. The House approved a USD 14-billion bailout plan on Wednesday night, but the bill appeared to be falling short of the 60 votes needed to overcome procedural obstacles in the senate.

 

Meanwhile, negotiations continued late into the night to salvage a USD 14 billion government bailout of the nation's big three carmakers. Officials said the talks centered on possible wage and benefit concessions from the united auto workers union as well as large-scale debt restructuring by General Motors and Chrysler.

 

Still, the possibility of support for US based auto makers remains open under an alternate proposal from freshman Republican Senator Bob Corker and that would apply tougher standards for automakers.

 

Corker said that he would propose giving loans to General Motors and Chrysler provided the auto makers cut their debt by two-thirds by mid-March, or else they must file for bankruptcy. Some republicans who have opposed the democrat-led house bailout proposal have expressed support for the corker alternative.

 

But the house would have to come back and vote again if a Corker-based bill was approved by the Senate. The house and Senate must pass an identical measure to send to President Bush to be signed into law.

Buy, Hold, Sell ? Hear it first on M3
US auto bailout fails in US Senate

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login