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As for Detroit's ailing automobile industry, CBS' Sharyl Attkisson and ABC's Jonathan Karl filed from Capitol Hill. The plan proposed by the White House and approved by the House of Representatives--for a $14bn low-interest federal loan through next March--is doomed to fail in the Senate. It would need a 60-vote supermajority to pass and "too many Republicans oppose it," Attkisson pointed out. "Dead," Karl concurred. He told us of a compromise being floated by Sen Bob Corker (R-TN) that would oblige creditors to forgive two thirds of Detroit's debts and the autoworkers to accept "steep wage and benefits cuts." NBC had no correspondent file from the halls of Congress. Instead CNBC's automotive expert Phil LeBeau brought us up to date. If the loan is defeated, he reported that Treasury Department aid was "not likely" and a loan from the Federal Reserve Board "not likely" either. His bottom line for General Motors was "bankruptcy by the end of the year."
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