The fuss over this auto industry bailout just gets louder and louder by the day. YAHOO reports:
The Senate’s defeat of a White House-backed bailout for the auto industry pushes General Motors Corp. to the brink and puts pressure on President Bush to reconsider his refusal to tap Treasury funds to stave off bankruptcies this winter among Detroit’s Big Three.
Just 10 Republicans supported the $14 billion loan package on the 52-35 roll call, which fell well short of the 60 needed to move forward. It was a major defeat for the lame duck president, but more importantly underscored a larger vacuum in leadership in Washington with Bush unable to deliver his party, Federal Reserve Chairman Ben Bernanke clinging to the sidelines, and the incoming Barack Obama still hesitant to use his election mandate to rally his former colleagues.
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