Senate Republicans are just not going for the $14 billion government rescue. "A lot of struggling Americans are wondering where their bailout is," Senate Republican leader Mitch McConnell said this morning (he has a point). As word of the impasse began surfacing this morning, stocks took a hit. Right before the close, the Dow was down more than 200 points. If the legislation does indeed die, the next question is whether the White House will consider some sort of emergency measure to prevent a bankruptcy filing. Or can the automakers, especially GM and Chrysler, wait until the new Congress arrives next month? They’re all just guessing at the consequences of doing something - anything - versus doing nothing, and I must say that doesn’t provide much comfort. (NYT)

*WSJ reports that GM has hired lawyers and bankers to consider whether to file for bankruptcy protection. Looks like it's only a matter of time. "One mounting fear is that even with a bailout, GM may be forced to file for protection from creditors," the Journal reports.