WH Plan for Detroit Still in Garage

"We, Literally, Are Talking About Days" Until Potential Bankruptcy, Says One Insider

Those terms include steep pay cuts for auto industry workers beginning as soon as next year. Autoworkers agreed to the pay cuts, intended to match the pay of workers for Toyota and other foreign car makers operating in the United States, by 2011. When GOP senators on Thursday insisted on moving that date up to 2009, the deal on Capitol Hill collapsed.

WATCH: No Bailout Deal Consequences

No Deal! Bid to Save Auto Rescue Loans Dies in Senate

WATCH: GOP Sen. on Auto Deal: We're 'So Close'

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