U.S. Senator Russ Feingold is confident a deal can still be worked out to provide the auto industry with the help it needs.
The Senate on Thursday night rejected a proposed $15 billion bailout for Ford, GM, and Chrysler. Senator Feingold says an expected compromise just fell apart and the votes were no longer there to pass the measure, which had already cleared the U.S. House.
The Wisconsin Democrat says the auto industry can't be allowed to fail, and he expects Congress and the President to work out a solution. One possibility is to use part of the already approved $700 billion bailout package, which Feingold says President Bush has expressed a willingness to do.
If that doesn't work, Feingold says it may have to wait until the next session of Congress. Feingold says, if GM can survive that long, the votes should then be there to approve the measure.
AUDIO: Andrew Beckett reports (MP3 :55)
