The U.S. Government rejected the 14 billion-dollar U.S. bailout deal for struggling auto manufacturers.
The Big Three – General Motors, Ford, and Chrysler had asked for a financal help from the government because of the current economic collapse. Unfortunately, the deal was rejected. The U.S. Senate Republicans refused to back down on the demands of these car manufacturers. General Motors and Chrysler had demanded billions of dollars as an immediate requirement to avert the collapse in their existing business, while Ford also desired immense credit.
However, General Motors and Chrysler do have some hopes remaining from the White House to receive sufficient funds from the Troubled Asset Relief Program. This would help the car companies to revive their business but the conversation on the same is still in process.
The collapse of the proposed bailout has eventually raised fears of deeper impact on the global economic with about more than 100,000 jobs at risk. Even the financial market has showed a quick reaction with tumbling of the dollar, Asian stocks, and commodity prices.