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BBC NEWS | Business | US car bail-out fails in Senate

A $14bn (£9.4bn) bail-out deal for the US car industry has failed to get Senate support, raising fears of job cuts and a possible industry collapse.

Bipartisan talks on the rescue plan collapsed over Republican demands that the United Auto Workers (UAW) union agree to swift wage cuts.

The White House said the plan was American carmakers' "best chance to avoid a disorderly bankruptcy".

Bush - of all people - is now saying that it's possible some of the TARP money could be diverted to Detroit.

Maybe. Perhaps.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Fri Dec 12th, 2008 at 04:08:18 AM EST
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