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December 11, 2008
Auto Bailout Talks Collapse as Senate Deadlocks Over Wages
By Sheila Samples
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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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."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.