Thursday, November 20, 2008

Breaking News:Senate cancels vote on auto bailout

Senate Majority Leader Harry Reid says he wants to help Detroit's Big Three, but he calls off a scheduled vote on a $25 billion auto industry bailout.

WASHINGTON (AP) -- The Senate's top Democrat has called off a planned vote this week on a $25 billion auto industry bailout.

Senate Majority Leader Harry Reid said that he wanted to figure out some way to help Detroit's struggling Big Three but that efforts to do so had stalled.

The White House and congressional Republicans rejected Democrats' plan to dip into the $700 billion Wall Street rescue fund to finance loans to U.S. automakers.

A bipartisan group from auto industry states is working to cut a deal on a scaled-down aid package. If agreement can be reached, Reid said the Senate could still vote on it as part of a measure to extend jobless benefits.

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