US auto bailout collapses in Senate
Posted: 12 December 2008 1200 hrs
WASHINGTON: Senate lawmakers failed to agree Thursday on a bailout deal for teetering US automakers, a move that Democrats warned would put millions of jobs in jeopardy.
Talks on the US$14-billion package, backed by Democrats and the White House, broke down after Senate Republicans stood fast to their demand that US wages be brought swiftly in line with those paid by foreign automakers.
"I dread looking at Wall Street tomorrow. It's not going to be a pleasant sight," Democratic Senate Majority Leader Harry Reid said, after Wall Street stocks took a dive anticipating the news.
Sounding alarm over the potential for fresh job cuts, Senate Democrats prepared to press the White House to free up funds from the US$700-billion Wall Street bailout package for the car companies.
"Millions of Americans, not only the auto workers but people who sell cars, car dealerships, people who work on cars are going to be directly impacted and affected," Reid said.
“I would hope that the president who has worked so well with us the past few weeks on this legislation would now consider using the TARP money to help the auto industry and the workers of this country." ......
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as predicted....this is going to trigger deep deep depression...so be prepared for the tsunami sweeping across the globe...go and have your teh terik!!!NOW!!!
Posted: 12 December 2008 1200 hrs
WASHINGTON: Senate lawmakers failed to agree Thursday on a bailout deal for teetering US automakers, a move that Democrats warned would put millions of jobs in jeopardy.
Talks on the US$14-billion package, backed by Democrats and the White House, broke down after Senate Republicans stood fast to their demand that US wages be brought swiftly in line with those paid by foreign automakers.
"I dread looking at Wall Street tomorrow. It's not going to be a pleasant sight," Democratic Senate Majority Leader Harry Reid said, after Wall Street stocks took a dive anticipating the news.
Sounding alarm over the potential for fresh job cuts, Senate Democrats prepared to press the White House to free up funds from the US$700-billion Wall Street bailout package for the car companies.
"Millions of Americans, not only the auto workers but people who sell cars, car dealerships, people who work on cars are going to be directly impacted and affected," Reid said.
“I would hope that the president who has worked so well with us the past few weeks on this legislation would now consider using the TARP money to help the auto industry and the workers of this country." ......
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as predicted....this is going to trigger deep deep depression...so be prepared for the tsunami sweeping across the globe...go and have your teh terik!!!NOW!!!