Not a Bailout - Honest, Just a Loan

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Yellow Belt
US car bail-out fails in Senate

A $14bn (£9.4bn) bail-out package for the beleaguered US car industry has died in the Senate after failing to get enough support in a procedural vote.

The failure came after bipartisan talks on the rescue plan collapsed over Republican demands that the United Auto Workers union agree to swift wage cuts.

The White House said the bill had been the Big Three car makers' "best chance to avoid a disorderly bankruptcy".

The House of Representatives passed the White House-backed bill on Wednesday.

The Democrats needed some Republicans to back the bill in the Senate as they have a majority of just one, and some in their own party were expected to vote against.

BBC News
 

odls

Yellow Belt
It seems the stumbling block was that the deal included a cut in workers wages, which the unions wouldn't accept.

I don't think any of us would want a cut in wages, but, if it means the choice of having a lower paid job, or no job at all....
 
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