WASHINGTON-Last-minute talks in Congress to save General Motors Corp. and Chrysler LLC from collapse fell apart late Thursday after Senate Republicans rejected a compromise $14 billion auto bailout deal.
With GM and Chrysler in danger of collapse within weeks, their only chance for survival may be the Bush administration, which could tap the remains of the $700 billion Wall Street bailout package, something the White House has previously rejected. About $15 billion remains in the first $350 billion in the fund.
Rescue Collapses as Senate Rejects Aid for Auto Industry
December 12, 2008