Auto bailout bill fails
Posted by Richard on December 11, 2008
The $14 billion bailout for the auto industry died in the Senate tonight (hooray!) despite marathon negotiations late into the night:
The Senate rejected the bailout 52-35 on a procedural vote — well short of the 60 required — after the talks fell apart.
The implosion followed an unprecedented marathon negotiations at the Capitol among labor, the auto industry and lawmakers who bargained into the night in efforts to salvage the auto bailout at a time of soaring job losses and widespread economic turmoil.
The group came close to agreement, but it stalled over the UAW's refusal to agree to wage cuts before their current contract expires in 2011. Republicans, in turn, balked at giving the automakers federal aid.
On its 10 PM newscast, CBS4Denver quoted Colorado Sen. Wayne Allard as saying that all sides agreed to give up something except the union.*
In keeping with my obscure Rand reference in last night's post, I'm compelled to speculate that the UAW negotiator must have been Fred Kinnan.
I'm not the only person who's been reminded of Atlas Shrugged in recent weeks. A friend of mine brought it up back in October when Joe the Plumber hit the news. Today, Rush Limbaugh brought it up (link will only work for a short time for non-subscribers). He suggested that we're living through a sequel to Rand's novel, this one called Atlas Puked — or maybe Atlas Laughed His Butt Off.
But as Limbaugh noted, the consequences won't be amusing.
* Allard's statement is not yet available on the CBS4Denver web site or on his web site, which is apparently updated only every three weeks. I guess at times TV news still has a significant immediacy advantage over the "new media."
Hathor said
Whatever happens, I’m stuck with a car that GM is going to shuttle. Good car, too.
rgcombs said
They’re not going to reclaim your car. It’ll keep right on being a good car for you. If they go belly up and you’re still under warranty, you may lose the balance of your warranty coverage. But otherwise, there will be no effect.