Last Cars Reviews Blog: LIVE: Bailout bill fails in the Senate

If you turn on C-SPAN2 right now, you'll be able to see the Senate vote on the auto bailout bill, which appears set to fail. Negotiations between Republicans and Democrats were apparently very close to a deal. According to Bob Corker (R-TN) speaking as I type, "three words" separate the two sides on the deal, but an agreement could not be reached. Hence, when it goes to vote in the next few minutes, it is likely to fail. Chris Dodd, visibly upset, preceded Corker on the floor. Stay tuned.

Okay, may as well liveblog the remainder of the proceedings. Richard Shelby spoke briefly, basically saying he's voting no.

10:34 PM: Debbie Stabenow (D-MI) speaking now. Repeats the "not a bailout, it's a bridge loan" position. Thanks Dodd for his work. Stabenow is obviously upset here. The hangup is the UAW pay issue, and Stabenow is fairly distraught. "We are in serious trouble, ladies and gentlemen."

10:39 PM: Stabenow upping the drama. "The middle class hangs in the balance." Says that suppliers, manufacturing sector are in mortal danger. Pleads with the Senate for the votes on the existing bill. Asks for "3 months of time" to restructure the auto companies.

10:41PM: Stabenow finishes. here comes the cloture vote.

10:43 PM: C-SPAN flashing factoids while we wait for the roll call to be completed. Harry Reid (D-NV) has predicted the votes aren't there.

10:45 PM: Roll Call still going on. We're in the "D's." Mr. Dorgan...Mr. Durbin....Mr. Ensign....Bueller...

10:48 PM: Now we're in the "L's" as Senators mill about the floor BSing with one another

10:51 PM: Inching closer. We're at "W"

Here we go....

Stragglers voting now...

10:55 PM: Michigan Sens. Stabenow and Levin having an animated conversation with Harry Reid on the floor.

10:57 PM: Votes continue to come in.

11:02 PM: Republicans who voted "Aye" include Arlen Specter (PA) and Sam Brownback (KS). More waiting as the official tally gets tabulated. Hillary Clinton's red jacket is likely visible from Mars.

11:05 PM: Did Kit Bond (R-MO) just change from "No" to "Aye"? Anyone else notice this, or did I mishear it the first time?

Ayes: 52
Nays: 35

Cloture was not invoked (you need 60 votes). The bill fails.

Reid acknowledges that this won't be revisited until the new Senate convenes next year. Asks the President to consider using TARP money.

Senators continue to speak on the floor, but this essentially signifies the the end of the bailout debate for calendar year 2008. And now we wait to see what happens.