Democrats Set December 2 Deadline for Automakers' Plan

By Reuters -  |  Posted 2008-11-20

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.