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Bailout Goes Down



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It appears that the auto bailout just went down in flames on the Senate floor. GOP leader Mitch McConnell had this to say:

The sticking point that we are left with is the question of whether the UAW is willing to agree to a parity pay structure with other manufacturers in this country by a date certain.  And I understand their reluctance to do that.  And so far in the discussions that Sen. Corker and Sen. Dodd and others have had, they have not been willing to give a date specific by which parity could be achieved.  It is upon that issue that we’ve reached an impasse for the moment.

This means no congressional bailout for now. But the fight goes on. The automakers will now turn to the White House, which urged the Senate to pass this bill. The Detroit three will ask Bush to allow Paulson to use some of the bank-bailout money to save the car companies. It’s possible that Bush will cave, but one hopes he won’t want to go out on that note.



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