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US Senate fails to agree on auto industry bailout

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US Senate fails to agree on auto industry bailout

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A last-ditch attempt to reach a deal on a relief package for the ailing auto industry has collapsed in the US Senate.
 
Discussions stalled over a partisan row on workers wages.
 
It deals a massive blow to the hopes of the Big Three. General Motors and Chrysler have both said they won’t last the year without aid.
 
They are hoping Washington will relent and allow the Treasury to tap into the 520 billion euro Wall Street fund.
 
But so far there has been no indication from Treasury Secretary Henry Paulson that he is prepared to redirect the money to prop up auto companies.
 
Senate Majority Leader Harry Reid said the package wouldn’t be revisited until January.