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 swear to God...these idiots BETTER NOT try to puppet Obama into doing their useless bidding.
Obama, humor them...but please, you can do much better if you just disregard these clowns.
what a bunch of hypocrytes on the hill. They gave a bail to the bankers and insurance big business, no questions asked and no requirement for a plan, even though they caused this mess. Now that the auto industry comes with a handout all of the sudden they require a plan
Lets make this perfectly clear to all the republicans bashing the democratic leadership. The economic mess is the fault of the republicans lack of leadership, and deregulation from Reagan, through Bush 1 and Bush 2. You forget under Clinton the country saw astounding economic growth. As the American people loose faith in their leadership, the economy goes down the tubes. It has happened throughout history. The fact that the democrats want to bail out the auto industry isn't for the executives, it is for the million plus jobs that would be lost if any one of the big three go down. Look at all the jobs lost in the past 8 years. Some of the worst numbers in history. I guarantee the democrats will not let this happen under their watch. They are true leaders when it comes to average Americans in crisis. PERIOD!!!
Detriot PR has gone to hell! Bigwigs in expensive suits getting off company jets into luxury vans. Beggers around here sit on the pavement holding homemade signs, not really home made, because they do not have homes. They give a thank you and a God Bless when they get some spare change.
Just saw the Movie "Who Killed the Electric Car". The Auto Industry sure got away with grand larceny there.
Oh great. The very same stooges that helped to get us into this economic mess are in this picture. What a collection of idiots. Pelossi/Reed/Dodd – insert stooge music here...
These guys will come up with a plan to get even richer. They need to sell the private jets, executive pay cuts (and probably fire them), renegotiate labor contracts to more resonable levels, produce efficient vehicles with increased quality.
This is a smart move. So those CEO wants money from the government, the government is obligated to say "show us what you will do with our money if we invest in you." If they can't come up with one then don't expect the government to hand over a dime. And even if they come up with something, it's not an automatic giveaway either.
Funny, two days ago the headline was "GOP blocking bailout, demanding more from automakers." Funny how things change..
take all the executive salaries over 500K a year in the big 3, add it up and let GM use that for some cash to tide them over.....
Folks I guess it will take all of us to call, write or email our clowns in DC and tell them NO on the bailout! Our voice worked last year when the pro-amnesty politicians backed down when attempting to force an amnesty bill down our throats.
Griff said: ...We are useing Millions of times More Electonics… This Planet is Saturated with Static…. *It is one Gigantic Electic Field An Electrode Hugmongous.
Now we know what's wrong with Griff. Someone get him a tinfoil hat, please!
If taxpayers help them, what can they do to help the taxpayers?
Can they stop laying off people and take other measures to cut cost such as slashing their salaries and selling away their private jets?
DAVID, YOU'RE STUPID. GET SOME HELP.
They should take the rest of the Bail out money and give everyone in the US enough to pay off their mortgage, if they don't have a mortgage, they must use it for credit card debt, or anything that involves paying off a debt to a bank. That way the banks get their money, people have more money in their pocket and the economy will boom again.
David you are an idoiot how is it obama fault, if you can not see what the Bush admistratin and The Gop have done to this country for the last eight years you are an idiot and your kidding yourself.
I am a proud democrate and die-hard Obama supporter. But I can not support this bail out. These executives and boards need to go away first. They did harm to the company, to economy, to environment and to consumers by giving them cars that do not last. I am sick and tired of these bail out non-sense. Let me file chapter 11, clean out UAW mess, fire all executives along with board and then we will talk.
The domestic automobile industry is an integral part of the U.S. economy, representing 4% of our nations GDP. One in ten jobs depend on the American auto industry, employing 2.9 million people. The industry generates $22.2 billion in annual wages, $102 billion in health care coverage, purchases $156 billion in supplier goods and services and invests $12 billion in research and development.
This week in Congress, the domestic auto industry is asking for a $25 billion loan to help keep the engine humming during these rough economic times.
Consider the alternative. Consider it a bargain.
Get rid of the CEOs and hire new ones. So many people are more qualified to run the companies than those clowns.
It's about time someone held the big threes's feet to the fire. The gov't should learn the lessons from AIG, big bailout while they continue business as usual, fetting their executives etc. Any company who comes to the trough hat in hand should have to open their books before the gov't throws good money after bad. It was this rampant irresponsibility from wall street to main street that has the country in this economic mess.
David November 20th, 2008 4:48 pm ET: How is this Obama's fault? I suppose spending 10 billion a month on 2 wars for 6 years had nothing to do with it, nor did re-regulation, so these fat cats can walk away anually this million dollar bonuses and private planes. I'm glad ingrates like you are getting out of the "investing business", I am using this downturn as a buying opportunity because my belief and faith in America is bigger than any one man.
Sounds like the right thing to do to me. No more handouts. We taxpayers haven't even seen accountability and transparency from the last bailout. Enough is enough. No more money until a plan is proposed. And, there definitely has to be stipulations that we as taxpayers can see where our money is going. Words are not enough. They didn't keep their word on this $700 billion bailout. I feel like we have been bamboozled.
Impeach Reid, Pelosi, Frank and Dodd-the true reasons for this economic mess. Duhbama and the rest of these idiots have all sold us out.
You've got it backwards. The market started to tank before Obama went ahead in the polls. He went ahead in the polls only after the market started to crash, because most people realized that he was the person that was best suited to handle it (why do you think that in every poll when asked who would best handle the financial crisis the overwhelming response was Obama). Even McCain himself said he didn't understand the economy and I don't know about you, but I sure as heck don't want someone like that even attempting to handle it.
The "plan" should be to file for bankruptcy. Get this, "big three", and all the rest of you car makers, too: We don't want vehicles that require gasoline to run. We don't want them; we won't buy them. They are obsolete. Make viable vehicles or go away.
Tax the greedy CEOs more and use the money to create new jobs for the people they laid off. These CEOs never learn their lesson.
What the Big 3 are asking for the Bush administration spends in Iraq every 2 to 3 months. We think nothing of writing a 15 billion dollar check to some African government for aids research. Year after year after year. Every time there's an earthquake or some other natural disaster somewhere in the world there we are handing out billions. We still subsidize farmers in this country to not grow something. What's wrong with taking care of our own once in a while? We are talking about a staggering loss of jobs here in a very short time. Our economy ( or what's left of it ) will not be able to take it.