CNBC: "The U.S. Senate failed on Thursday night to reach a last-ditch compromise to bail out automakers, effectively killing any chance of congressional action this year. The $14 billion legislation officially died in the Senate late on Thursday after supporters failed to get enough support in a procedural vote. "
Sen. Majority Leader Harry Reid: ""By rejecting every good-faith bipartisan compromise – including those from the White House and Senator Bob Corker – it is now abundantly clear that Republicans have no interest in keeping the Big Three from collapsing.
"Because Republicans failed to act, three million Americans are more likely than ever to lose their jobs and our economy is at risk of suffering even greater damage. Our hearts go out to those families who will now have to deal with this burden as the holidays near."
>> Nikkei Tumbles as Auto Bailout Talks Fail in Senate
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>> Bank bailout funds could be used for Detroit
>> Mathew Gross: Over The Edge
ME: I think the GOP did this for the wrong reason - to screw the unions - but at the end of the day I don't think the auto industry made a strong enough case for this money. They didn't sell the idea that they would really change and innovate.
Also, not surprisingly, the website for UAW has zip in response to this development and is a bear to navigate. The union movement still doesn't get the web, and I've heard that from people who have worked inside there.