WASHINGTON Dec 11 A proposal to bail out the
U.S. auto industry and avert the threatened collapse of one or
more auto companies failed in a procedural vote in the Senate
on Thursday night.
The Democratic plan to extend $14 billion in loans to
Detroit faltered when supporters failed to get enough support
in a procedural vote.
The White House said it would evaluate its options in light
of the collapse of the bailout legislation in Congress.
General Motors Corp (GM.N) and Chrysler LLC had sought
billions of dollars in immediate aid, while Ford Motor Co (F.N)
asked for a hefty line of credit.
"It's over with," Senate Majority Leader Harry Reid said
before calling the vote that required the support of 60 members
to advance the measure to final consideration. Senators failed
before the vote to reach a last-minute compromise.
(Reporting by John Crawley and Richard Cowan; Editing by Peter