Democrats Set December 2 Deadline for Automakers' PlanBy Reuters - | Posted 2008-11-20 Email Print
WEBINAR: On-demand webcast
Next-Generation Applications Require the Power and Performance of Next-Generation Workstations REGISTER >
Here's a snapshot of what Democratic leaders of the House and Senate said in a press conference after several days of testimony on Capitol Hill by U.S. automakers GM, Ford and Chrysler. The auto industry in the U.S. is severally hampered by financial strains, unionized labor costs and the general lack of spending and borrowing in the U.S. economy and consumers. A new deadline has been set for bailout plan that would get the approval needed to have it approved by the Congress, Senate and the President.
WASHINGTON (Reuters) - Senate and House Democratic leaders at a news conference:
* U.S. Senate Democratic leader Reid says "the sad reality is that no one has come up with a (auto) plan" that can be passed by house and senate, signed by president.
* Reid says will give automakers another opportunity to make their case to Congress, submit plan by December 2.
* Reid says prepared to come back into session the week of December 8 to help automakers get assistance.
* Reid says Bush administration already has authority to provide automakers aid under Treasury Dept's TARP program.
* U.S. House Speaker Pelosi says "until they show US a plan, we cannot show them the money" regarding automaker aid.
* Pelosi says healthy auto industry is crucial to U.S. industrial base and national security, but must show a "path" to viability.
* Pelosi: "We're talking about the need for accountability, the need for viability" not the source of money to help automakers.
* Reid says automakers must develop bailout proposal that can pass congressional muster during week of December 8.
* Reid says "we can only help if they (U.S. automakers) are willing to help themselves."
* Pelosi says U.S. automakers first asked Congressional leaders for help supporting a merger, then asked for help with liquidity.
* Reid says "we do not have the votes" to bring up Democratic proposal for aid to automakers.
© Thomson Reuters 2008 All rights reserved