The American auto industry may be on the edge of collapse with the US Senate set to reject the proposed $14 billion auto bailout, the last opportunity to approve the bailout until the new year.
The formal vote is still to be had, and Democrats said that they would present it anyway, but talks with minority Republicans failed to find support.
The White House said in a statement that it would evaluate its options, but declined to say what those options may be. Democrats have previously asked that some of the $700 billion bailout package approved in October be used to prop up the auto industry, an approach President Bush has so far rejected.
Oh well, they can always sell their corporate jets, that might cover GM and Chrysler for a day of two until they file for Chapter 11 bankruptcy.
