When the U.S. senate failed on Thursday to pass a $14 billion rescue package for Detroit's three major car manufacturers, it took on the role of Christmas Grinch for autoworkers.

On Thursday, the senate got only a few ‘yes’ votes short of the 60 needed to block a filibuster on the bailout bill, effectively killing any chance of Congress providing a lifeline to the financially drowning automakers this year.

Following when the news was out, markets across the Asia-Pacific region were down more than 3 percent and Japan's Nikkei average and Hong Kong's Hang Seng were both down by more than 5 percent.

There was a decline in the U.S. crude oil prices by more than $2 toward $45 a barrel on news of the bailout bust. Late into the night, senators negotiated on a possible compromise.

A version of a Democratic-sponsored bailout on Wednesday was passed by the House of Representatives; however, Senate Republicans rejected that measure.