So if you’re reading this, presumably you know the automaker bailout died in the Senate as Republicans ultimately decided that 18 months of union wages were more important that risking liquidation for Detroit.
The automakers would also have been required to cut wages and benefits to match the average hourly wage and benefits of Nissan, Toyota and Honda employees in the United States.
It was over this proposal that the talks ultimately deadlocked with Republicans demanding that the automakers meet that goal by a certain date in 2009 and Democrats and the union urging a deadline in 2011 when the U.A.W. contract expires.
I mean, really? In other news, it seems the Bush Administration is mulling the use of TARP funds to fill the breach.
On an loosely related note, this is why Congress traditionally has such low approval ratings. The headline of the New York Times piece reads “Senate Abandons Automaker Bailout Bid”, The Washington Post, “Senate Negotiations on Auto Bailout Collapse.” But that isn’t really accurate is it? It’s like reporting a football game as “Football Teams Fail to Score 100 Combined Points,” when a much better way would be to say, “Redskins Fail…Again.” At least the Los Angeles Times got it right: “Senate Republicans kill auto bailout bill.”
UPDATE: TPM has more…Reuters sez: “Car industry bailout bill fails in US Senate.”