Negotiations Collapse in Auto Bailout

Fox News is reporting that a compromise on the auto bailout fell apart late tonight, after earlier indications that an agreement would be reached.

The cloture vote failed, 52-35. Apparently, the deal-breaker was the UAW's refusal to adjust wages to levels commensurate with the Japanese competition next year, instead wanting to push those concessions of to 2011. Michelle Malkin has running coverage.

Asian markets and the dollar are falling on the news of the collapse as I write. Don't watch the ticker tomorrow.