Autopia.org - View Single Post - Should the government bail-out include domestic automakers?

Len_A · 11-20-08, 11:44

From MarketWatch.com (LINK HERE} ):

Aid plan for Big Three falters in Congress
Senate Majority Leader says auto companies need to submit a plan

By Robert Schroeder, MarketWatch
Last update: 2:46 p.m. EST Nov. 20, 2008
Comments: 432
WASHINGTON (MarketWatch) -- Democratic leaders said Thursday there is no deal on aid yet for the Big Three U.S. automakers, and asked the chief executives of those companies to return to Congress with concrete plans on how they would use federal funds to turn their companies around before getting any money from Washington.
"Until they show us the plan, we cannot show them the money," said House Speaker Nancy Pelosi, D-Calif., at a press conference.

GM 2.96, +0.17, +6.1%) and Chrysler LLC should submit a plan by Dec. 2. Reid said Congress would return the week of Dec. 8 if lawmakers get plans from the automakers that would return viability and sustainability to the industry.
The Democratic leaders spoke after a small bipartisan group of lawmakers reached a deal among themselves to buoy the industry.
But Reid said there weren't enough votes in the Senate or House to pass that compromise.

"Unfortunately, the sad reality is that no one has come up with a plan that can pass the House and the Senate and get signed by President Bush," said Reid.

Democrats have sought $25 billion in new loans for Ford, General Motors and Chrysler, but the White House and Republicans want the Big Three to tap into a previously approved $25 billion Energy Department loan program aimed at helping the companies retool.

11-20-08, 11:44	#172 (permalink)
Len_A Outta Work In Detroit Len_A is offline Join Date: Aug 2001 Location: Westland, MI (Detroit suburb) Posts: 678 Contact:	Re: Should the government bail-out include domestic automakers? From MarketWatch.com (LINK HERE} ): Aid plan for Big Three falters in Congress Senate Majority Leader says auto companies need to submit a plan By Robert Schroeder, MarketWatch Last update: 2:46 p.m. EST Nov. 20, 2008 Comments: 432 WASHINGTON (MarketWatch) -- Democratic leaders said Thursday there is no deal on aid yet for the Big Three U.S. automakers, and asked the chief executives of those companies to return to Congress with concrete plans on how they would use federal funds to turn their companies around before getting any money from Washington. "Until they show us the plan, we cannot show them the money," said House Speaker Nancy Pelosi, D-Calif., at a press conference. GM 2.96, +0.17, +6.1%) and Chrysler LLC should submit a plan by Dec. 2. Reid said Congress would return the week of Dec. 8 if lawmakers get plans from the automakers that would return viability and sustainability to the industry. The Democratic leaders spoke after a small bipartisan group of lawmakers reached a deal among themselves to buoy the industry. But Reid said there weren't enough votes in the Senate or House to pass that compromise. "Unfortunately, the sad reality is that no one has come up with a plan that can pass the House and the Senate and get signed by President Bush," said Reid. Democrats have sought $25 billion in new loans for Ford, General Motors and Chrysler, but the White House and Republicans want the Big Three to tap into a previously approved $25 billion Energy Department loan program aimed at helping the companies retool. __________________ *Never argue with an idiot. They drag you down to their level, then beat you with experience.* Outside Sales, Out of work over a year and counting...