Big 3 Auto Bailout Rejected in Senate

Late Thursday the U.S. Senate rejected the emergency bailout bill that would have provided upwards of $14 Billion to the Big 3 Detroit automakers. Many were hopeful of that was to come of the bailout after it was passed by the U.S. House just two days ago. Now the outlook is grim for the big 3 GM may actually run out of cash by the end of this month while Chrysler may have it’s issues by March.

Other options that are being pushed through is the step to do a repeat vote when Congress comes back next year with new legislation. We will all have to sit back and see what takes place in this situation. Rest assured, we will all be keeping our eyes open on this one. Maybe bankruptcy is not such a bad idea after-all.

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