Senate Rejects Auto Loan Program (Bailout) ~ Hybrid Car Review
Hybrid Car Review: Senate Rejects Auto Loan Program (Bailout)

Friday, December 12, 2008

Senate Rejects Auto Loan Program (Bailout)

Well, it didn't take long for the Senate to decide, again, not to pass the auto bailout for $14 billion.  This time, Republicans are citing UAW having issues with the bill, while the UAW blames Senators from the Southern States for supporting the foreign automakers who have industries in their states.

The thing is, the Senate could have passed the law if they wanted to.  It would be nice if the union fell in line with what they wanted, but at the same time, did they need them to agree?  Of course the union doesn't want their benefits cut, but they had already signed a new agreement to do just that.

"We are about three words -- three words -- away from a deal." - Senator Rob Corker.

GM is looking into the options they have, including bankruptcy. 

The deal would have allowed GM to push off bankruptcy by providing low interest loans from the money set aside to make more fuel efficient cars.

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