After a somewhat contentious day on Capital Hill it became obvious that representatives from the Big 3 failed to sway enough members of the United States Senate to back a measure to provide them with $25 billion dollars in government loans.

After a somewhat contentious day on Capital Hill it became obvious that representatives from the Big 3 failed to sway enough members of the United States Senate to back a measure to provide them with $25 billion dollars in government loans.

The measure faced strong resistance from Senate Republicans and some southern Democrats who failed to see how the current economic crisis resulted in the struggles facing the Big 3. Many also failed to see how bankruptcy would not be a viable option as it would allow the companies to renegotiate union contracts to make them more favorable.

Despite this latest setback word of a revised plan that is currently in the works offered a glimmer of hope, as it would most likely speed up the availability of the $25 billion dollars already promised to the Big 3 for retooling. According to the Senate Majority Leader, Harry Reid, the new deal would be part of a bill to extend jobless benefits and offer a scaled down version of the defeated proposal.

 

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