Bailout dies in Senate

The legislation that would have provided immediate loans to Chrysler and General Motors was killed in the Senate according to Majority Leader Harry Reid.

“We have not been able to get this over the finish line,” Reid said late Thursday, adding that he dreads what will happen on Wall Street tomorrow. “It’s not going to be a pretty sight.”

Reid also commented the failure will mean many Americans will have ”a very, very bad Christmas.”

Reid’s comments came after a day of tough negotiations as senators attempted to reconcile a bill the House of Repressentatives passed yesterday with an alternative proposed by Senate Republicans. The House bill had been worked out by the  White House and Congressional Democrats.

Senate Republicans were eager to bash the United Auto Workers for the impasse. Senator Mitch McConnell (R-Kentucky), the Republican leader, blamed the UAW for being unwilling to work for the same pay, benefits and work rules as employees. working for the import brands. Senator Bob Corker (R-Tennessee), who wrote the GOP alternative, said workers would not accept a deadline for the Republican’s demands.