Bid to Save GM, Chrysler Loans Dies in Senate

Failed Last-Ditch Negotiations

Sen. Richard Shelby, R-Ala., center, accompanied by, from left, Sen. Tom Coburn, R-Okla., Sen. Jon...

Sen. Richard Shelby, R-Ala., center, accompanied by, from left, Sen. Tom Coburn, R-Okla., Sen. Jon Ensign, R-Nev., Sen. David Vitter, R-La., and Sen. Jim DeMint, R-S.C., speaks to reporters on Capitol Hill in Washington, Dec. 10, 2008, to discuss the auto bailout.

(Lauren Victoria Burke/AP Photo)

The Senate appeared unlikely early Thursday to pass the bill to provide a $14 billion emergency loan to the U.S. auto industry, even though the bill easily passed in the House Wednesday night. But hopes of a deal rose as lawmakers continued to negotiate toward a compromise.

There has been vocal Republican opposition to any bailout for Detroit, but there were at least a dozen Republican senators who were thought to be possibilities to support a revised bill for the emergency loans. Among them are several who are retiring, including Nebraska's Chuck Hagel, Virginia's John Warner, Alaska's Ted Stevens and New Mexico's Pete Domenici.

"This is not the time to let these companies go bankrupt," Domenici told ABC News. "We would just be compounding our economic problems."

Reid held talks with Corker Thursday on crafting a new compromise. Corker, who has been steadfastly opposed to the bill drafted by congressional Democrats and the White House, has a lot of credibility among Republicans on the issue.

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"I am at the negotiating table," Corker told ABC News at one point Thursday. "We are working on a great solution, and I think there is a great possibility that we can make it work."

But as staffers in the bipartisan negotiations worked to hash out the new auto bailout language, Corker called a late-night Republican conference meeting to pitch the as-yet unwritten and as-yet-unagreed-to plan.

Republicans seen going into the meeting included auto bailout supporters, like Sen. George Voinovich of Ohio, those on the fence like Domenici, and those opposed to a bailout, including Sen. Tom Coburn, R-Okla.

This afternoon, several Senate Democrats confirmed that negotiations were under way on the new compromise, and said the talks were a serious, late-in-the-game effort to get a deal that would have enough votes to pass the Senate.

If the Senate had changed the legislation, the House, which adjourned Wednesday night, would have been called back into session to reconcile the differences.

Speaker of the House Nancy Pelosi was reluctant to call the House back to start over again.

"The House passed bipartisan, compromise legislation that protects taxpayers, does not weaken environmental standards and places tough accountability measures on the industry to help ensure their long term viability and competitiveness," said Pelosi spokesman Nadeam Elshami. "The Senate should take up this legislation, which was negotiated in good faith and has the best prospects for enactment, and the House has no plans to return at this time."