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General News 12/11/2008 at 11:39 PM EST

Auto Bailout Talks Collapse as Senate Deadlocks Over Wages

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An eleventh-hour effort to salvage a proposed $14 billion rescue plan for the auto industry collapsed as Republicans and Democrats failed to agree on the timing of deep wage cuts for union workers, killing the legislative plan and threatening America's carmakers with bankruptcy. Reid warned that markets could plummet when trading begins."I dread looking at Wall Street tomorrow. It's not going to be a pleasant sight."

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Sheila Samples is an Oklahoma writer and a former civilian US Army Public Information Officer. She is a Managing Editor for OpEd News, and a regular contributor for a variety of Internet sites.

Related Topic(s): Auto Bailout; Bailout; Senate; Senate Legislative Failures, Add Tags

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