US Car Industry set to collapse

According to the Times Online, the American car industry faces collapse after the Senate threw out the $14 billion emergency bailout bill following last night's emergency talks. The talks between the Democrats and Republicans over the short term viability to rescue General Motors (the biggest car company in the world) and Chrysler fell completely apart after both sides failed to come to an agreement on pay for the workers that will be affected.General Motors and Chrysler may now need to file for bankruptcy protection which could trigger the collapse of the American car-making industry. This would be heartbreaking news for Detroit, the automotive capital of the world.The car industry provides 3 million jobs across America in manufacturing, supplying and dealerships and at present 6.7% of employees are out of jobs and is rising at it's fastest rate for over 20 years.