Update (12/11/08 – 11:12pm): Senate fails to invoke cloture with a vote of 52 Yeas to 35 Nays, 8 short of the required 60 votes.

This means that both bodies will have to take this issue up again in January, as the rest of the Senate’s sessions will be pro forma, where nothing really happens.

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It looks like the efforts of Senator Bob Corker (TN) and the leadership of Senate Minority Leader Mitch McConnell have paid off and the Senate Republicans have grown a pair, standing up to the Democrats and the White House.

It appears that the Senate wont have the 60 votes needed for cloture, which means that the auto bailout is dead for now.

Some quick quotes from Senate Majority Leader Harry Reid:

“I dread looking at Wall Street tomorrow, it’s going to be a terrible sight”

“It’s going to be a very bad Christmas for a lot of people”

The vote on cloture is expected to happen in the next few minutes; I’ll have details upon it’s conclution.

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