by Calculated Risk on 12/11/2008 10:55:00 PM

From AP: Auto bailout talks collapse over union wages

From CNBC: Senate Fails to Reach Agreement on Auto Bailout

The U.S. Senate has failed to reach an agreement on a $14 billion government bailout to rescue the nation's Big Three automakers.

Senate Majority Leader Harry Reid said he was "terribly disappointed" as there was "too much difference" between negotiators to come to a compromise.

Smells like bankruptcy ...

UPDATE: It will probably be ugly tomorrow.

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