Auto Bailout Fails in Senate

The federal government's plan for a $14 billion bailout of the auto industry, which was approved by the House of Representatives Wednesday, was voted down last night in the Senate 52-35 for "procedural reasons", according to ABC News. GM and Chrysler, the proposed beneficiaries of the bill, have released statements that they are disappointed but will continue to search for solutions to their economic troubles. It is unclear at this point whether a revised bill for an auto bailout will be proposed, but Democrats in both the House and Senate hope to push through financial rescue measures for Detroit.