Senate Efforts on Auto Bill Falters

An eleventh-hour effort to salvage a proposed $14 billion rescue plan for the auto industry collapsed last night as Republicans and Democrats failed to agree on the timing of deep wage cuts for union workers, killing the legislative plan and threatening America’s carmakers with bankruptcy.

“We’re not going to get to the finish line. That’s just the way it is. There too much difference between the two sides,” Senate Majority Leader Harry M. Reid (D-Nev.) announced after 10 p.m., concluding a marathon negotiating session that ended in gridlock. Reid warned that markets could plummet when trading begins this morning.

“I dread looking at Wall Street tomorrow. It’s not going to be a pleasant sight,” he said.

--Paul Kane