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Electric cars in SA

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Big 3 bailout hits dead end

2008-12-12 06:34

Washington - A proposal to bail out the US auto industry and avert the threatened collapse of one or more auto companies failed in a procedural vote in the Senate on Thursday night.

The Democratic plan to extend $14 billion in loans to Detroit faltered when supporters failed to get enough support in a procedural vote.

The White House said it would evaluate its options in light of the collapse of the bailout legislation in Congress.

General Motors Corp and Chrysler LLC had sought billions of dollars in immediate aid, while Ford Motor Co asked for a hefty line of credit.

"It's over with," Senate Majority Leader Harry Reid said before calling the vote that required the support of 60 members to advance the measure to final consideration. Senators failed before the vote to reach a last-minute compromise.

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