Democratic leaders on Capitol Hill said Thursday the auto industry has to come up with a plan before Congress will authorize a bailout. (AP Photo)
WASHINGTON (CNN) – The auto industry has until December 2 to fashion a plan that will provide a path to "accountability and viability," Senate Majority Leader Harry Reid said Thursday.
Reid and House Speaker Nancy Pelosi said in a press conference that the Big Three automakers - Ford, General Motors and Chrysler - had failed to convince Congress that they had developed a viable plan for the $25 million they are requesting in bailout funds.
"This is an important industry in our country and we intend to save it," Pelosi said. "Until they show us a plan we cannot show them the money."
Reid said Congress would return the week of December 8 to consider the proposal, but only if lawmakers are convinced that the public would be well-served.
I'm not sure how they did it but considering that 300 billion has been spent and it seems no one knows where it went or to whom; considering that we have already loaned the big 3 over 35 million and their back for more and considering the lack of oversight I'm sure this all has something to do with the Bush Administration and someone out there receiving a tax free windfall. Like when Bush Adminstration sent million of dollars to Iraq in plastic wrap and we never learned what happened to millions that went missing. Its all to convenient and smells of Chenny.
Make them sell those doggone jets they flew over in and cut their big salaries in half....Let them tighten their waistbands as we have to when times gets rough....Ridiculous....
It's not $25 million, it billion, with a "B"
Global Warming is Man-Made!!! Anybody that klnow even the Basics about Electicity.. Knows this... Why try to cover it Up.. We are useing Millions of times More Electonics... This Planet is Saturated with Static.... *It is one Gigantic Electic Field An Electrode Hugmongous..
I say let the United States Bankruptcy Court (the Federal court system) help the Big Three reorganize and chart a course under the watchful eye of the United States Trustees. Talk about forcing accountability! If Congress starts mainlining cash, it will be the same as AIG and the $700 Billion. Party! Party! Party!
It would have been better off for the Big 3 to have come prepared with a plan already. These are CEO's and this is the way they conduct business? How can you come to Congress asking for a handout when your company jet requires $20,000 to fly roundtrip, when on the other hand a commercial flight for one person is around $300 roundtrip.
LOL! It was Dodd, Shumer and ol' Barney Frank that started this economic mess we're in and they're telling auto industry how to straighten up their mess?
"This is an important industry in our country and we intend to save it," Pelosi said." No matter that the majority of Americans are against the bailout . So much for serving the will of the people.
It better be the most thoroughly regulated plan in the history of MANKIND!!! It specifically say everything they will do to make up for what they've done to this great nation. And if it doesn't....don't give them ANYTHING!
Well said. Only part I disagree with is to cut their big salaries in half. They need to be fired! The "BIG 3" aren't going to change anything about the way they do business until they are restructured from the top down!
if Obama and the DNC didn't have to show a plan that wasn't rehashed fuzzy-speak, why does the auto industry?
The auto industry should do the same thing. Blame their situation on racism and Hillary. Say they are all for Change (not necessary to define it). Then smile and hold out their hands for the money.
These CEOs just don't get it.....they need a smack in the head to smarten them up.
Big 3 spend plan:
1. Take money
2. Buy more corporate jets and give yourselves a big bonus.
3. Negotiate tough union concessions by only paying them $74/hr instead of $75
4. Repeat in 6 months.
Griff, maybe should should take to wearing a tin foil hat to protect yourself from all the static out there. It'll help with the alien mind probes too for the next time you're abducted.
How are we a free market economey if we keep propping up business? Don't bail them out, let them all go under and restructure under bankruptcy agreements. Fire the execs and give the UAW the finger, while you're at it.
If you really want to "bail out" someone, why don’t you come up with a bailout plan for people with +$20K in student loans who are in health care, education and social services?
Why the heck not? The Dems want to be in control of everything, they want everyone to come to them to help them with whatever. Got a problem, hey, the Dems will take care of it. Let's bail everyone out!
Thanks Dems! I was so tired of living in the best country in the world. Now thanks to you and what you will unleash upon this country, my children and possibly even grandchildren can look forward to a live of slackers, handouts, 5th rate healthcare, no national security, rampant unemployment, maybe a stock market that can stay above 1,000.
Hopefully 5 years from now, when this band of fools is run out of town, the damage won't be too bad or take too long to fix.
I say NO!NO!NO! to the auto bail out. For years these fat cats have lived high on the hog while other hard working Americans struggle with two incomes to make it. Unions have ruined the country time to shut them all down!!!!!!!!
Congress to their Wall Street cronies:
How about a bailout? Is $700 Billion enough?
Congress to the US auto industry and its workers:
You need a $25 Billion Bridge Loan? DROP DEAD!
Only give them aid if they use the money to keep their employees, change what kind of cars they are making and streamline the process of making those cars.
Not a penny needs to go the CEO's or their families! In fact, make it a condtion that the current Top Dogs get a pink slip! Wagoner is as greedy as they come and has no idea how to run a company full of people! He thinks about them all as numbers...not humans.
And take Ford out of this equation! Their CEO has said they can last until the end of 2009 without a bail out.
Pls. do not allow bail out until these CEO's reduced thier income/pays.
To California Gold November 20th, 2008 4:36 pm ET – That isn't gonna happen because the auto unions all backed Obama, and hey, he's gotta start payin back the favors. And as we'll all soon find out with Obama, it's cronies first, America, hmmm, maybe.
Everyone with money is getting out of the investing business. I took my money out in September when I saw Obama winning the presidency. It looks like everyone else with any money is finally getting it. If you don't think this is Obama's fault, your kidding yourself.
Good lord, the only person in that entire picture I have any respect for is Schumer and his face is hidden. The rest of them are all tools.
Oh and don't bail out the auto industry. Because then where will it end?
Excellent response – nothing should be approved until all i's are dotted and t's are crossed and a complete and full plan of action is detailed, etc.. That is no different than in any busines.
Any corporation facing financial collapse and asking for federal aid should not be allowed to give out bonuses, and the salaries starting at the top should be cut in half–at the very minimum–for the next two or three years–that includes The Big 3.
Democrats, you need to be tough in these negotiations–this is no time to wimp-out and give away the money without restrictions. All the money must be spent on and in America–no exceptions and no bonuses!
Very wise decision.