Dec. 11 (Bloomberg) — The Bush administration’s $14 billion automaker bailout plan and other alternatives lack the votes to pass the Senate, as lawmakers seek to beat a deadline to keep General Motors Corp. and Chrysler LLC from collapsing.
GM and Chrysler are in a race against the clock as they need federal aid to keep from running out of cash early next year. Pressure is mounting on GM as a small number of partsmakers ask for payments in advance, people familiar with the matter said.
“It’s going to be really hard for anything to get to 60” votes needed to overcome delaying tactics, said South Dakota Republican John Thune.
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