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.
THEY CAN WAIT UNTIL OBAMA TAKES OFFICE.
THE NEED TO ACCOUNT FOR EVERY PENNY.
These three auto corporations need to file for Chapter 11 bankruptcy protection and rebuild themselves from the "bootom up".
The bailouts need to stop.
So, what does "Mein Kampf" translate to in Ebonix?
"Audacity of Hope"
Will the Obama-ist Nation mandated brown-shirts be available at Penneys? WalMart? Where will the 'rich whitey'/Republican re-education camps be located? Does the red arm band with the black 'O' go on the right or left arm? Will they allow for 5 minutes of stretching before we are forced to goose-step? Hate to pull a hammy.
I believe the Big 3 need to be saved in its technicality. What I mean by that is that I don't think the millions of Americans that depend on this industry should be hard hit by the greed and shocking lack of creativity by the executives. I'm thinking some way of firing off all the CEOS, executives, and managers but retaining the workforce with new management. But yes, if that's not possible then allowing bankruptcy of some sort, but having a plan to make sure that American cars become more innovative and continue to survive as an industry, and thus retaining the hardworking people at the car plants. It would be kind of sad if years from now we all end up driving only foreign cars, although I do commend the designs and strategy of companies like Toyota and Honda.
If these private jet flying executives were delivering fine cars that got 40 mpg and cost $5,000 none of you would care about the jets. Do people who manufacture private jets not deserve to make a living too? Who the heck does anybody have to be before they can own a private jet? Are you the judge of such things? Evidently president of a major multi-national corporation is not high enough in the opinion of some.
There should not be a limit on what anyone can have in America if they can earn it.
I don't want congress doling out tax money that they took from me to these clowns, because they (they = auto companies and their labor unions and their political friends in DC) screwed up and killed the goose that layed the golden egg. Then all the while we have Barney Frank and Chris Dodd acting as if congress played no role in the subprime mortage fiasco that started this melt down.
Anytime people carp about how much money someone else has or makes, that is nothing more than a combination of petty jealousy and monumental ego.
Wake up people, you're letting your emotions rule your head.
Let the big 3 go broke, and help the people that lose their jobs find better ones. This is still America. Lets have some audacious hope. Yes we can!
Forget bailing out the car companies in their current situation. I say lets compromise.
Set the money aside that they were going to use to bail the auto industry out. Let the car companies file the bankruptcies and re-organize. Give the car companies enough at the time to cover the pensions and retirement benefits that they're obligated to provide.
Use the rest of the money to jump start the companies after they've re-organized.. concentrate that money on research, development, and production of competitive, fuel efficient vehicles.
Unless the product itself is changed, and the cost of production is lowered.. no amount of money bailout is going to help this industry in the long run.
@ MATT..... great comment and well said! Also, total common sense!
NO BAILOUT FOR THE AUTO INDUSTRY; I DON'T LIKE MY MONEY TO BE WASTED BY THOSE LAVISH-LOVING CEO's!!!
There is a typo its 25Billion not 25 million, next without a plan throwing good money on the bad money is like a sink hole.
I can't stand looking at that Liberal Democrat BIT_ _ Nancy.
You Dem's suck.
it's funny how all this is Obama's fault.......he has been in office the last 8 years, he has controlled congress for the last 13 out of 15 years, his party has held the presidency 8 out of 28 years.
Let's blame it on the black guy that hasn't even stepped foot in the whitehouse.....while the current president waddles around like the lame duck that he is.
I'm OK with a bailout IF AND ONLY IF it imparts strict regulations that will force these companies to develop new technologies, improve gas mileage and become competitive in the world market. That is the only way that this will directly help the American people. If any of these companies goes bankrupt, with the amount of jobs lost, it will only hurt Americans.
Any plan should include CEO/Board compensation and the Unions – all pitching in and making sacrifices to make this work. NO MORE FREE RIDES!
What plan did the others have? Nothing, but no problem handing out the money there. Bottom line is no one should of been handed any money.
This is all the governments falt to begin with. Who brought in Globalization and eliminated the tariffs/duties on products made overseas? I have no problem with companies wanting to open a plant in these 3rd world countries as long as the sell the product there or if they sell in the US then put the tariffs/duties back on to make it more expensive then products made in the US, like it used to be!
But i forgot that is not the plan. The one world order is the plan! To bad to many people are stupid on this earth to realize what is going on.
Thank God, Good riddance. to Texan buffoon. Stay there under 10 gallon hat.
dave, dave, dave from central illinois,
what a short memory you have; the republicans have been in control of both houses for most of the past 14 years; a crisis of this nature does not happen overnight.
The dems once again (1932, 1960, 1992 and now 2008) are cleaning up the mess the repubs have left behind. those that do not know history are doomed to repeat it.
at this point in time, it really doesn't matter who caused it. do you have any better plan?
didn't think so because as a republican, you have no idea.
You go CHUCK!!!
I agree – point the finger where it really belongs!
Even if there is a plan or a bailout, they will continue to take advantaged of the customer and the system. I think the consumers are tired of the Big 3 living above their means. The ones in charge of these companies ought to be held fully accountable for what has happened to the American automotve industry. They should be starved or tortured for being so GREEDY!!!!
Our congress and administration is willing to let the ability of the auto companys to compete on a fair playing feild on an international basis. other counties protect their own with protectionist laws. Why can't we. Also the administraition and big energy have effectivly declared that if new patents that don't benifit them are to be shut down under the National security act. Americans can be their own worst enemy by hamstrining themselves by not taking care of themselves but being a usualy generous people but charity begins at home and taxes should be used here also.
I'm all for this, and kudo's to Congress for finally showing SOME kind of spine, but I have to ask – why the heck aren't they demanding the same kind of accountability from AIG???!!! I want them hauled into Congress to explain that little $400K spa junket! Where is the accountability and oversight over the $350 billion already out there being wasted on god knows what?
How about this: NO PLAN!
Let them go bankrupt. They make really undesirable and unattractive cars. Capitalism is about survival of the fittest. And this country is about CHOICE. US automakers made the wrong choice and now they need to deal with the consequence of their poor decisions.
Whatever your politics, this is just the beginning of a new era. Companies fall and new ones rise. So, let's bring on the CHANGE!
To the Moderators,
I would like to know why my comments are held under moderation? I have not called people stupid, idiots, or used foul language as I have seen on some of these blogs.
Is it that most of what I have said is true?
$25 B I L L I O N! It's okay, Dr. Evil made the same mistake.
It's a good idea for them to be asking for a plan, prior to forking out the money. We should have done that prior to giving out the 700 billion. Who knows where that is going. Perhaps, the government is finally starting to figure it out.
Private jets for security reasons – a joke in itself – not withstanding, these guys need to file Chapter 11 and use that a way to re-tool for the 21st Century and become competittive once more.
I don't hear a single one of them offering to give up the huge salaries, benefits, and golden parachute retirements to help save their companies.
Until we hear them offering to take part of the "hit" they shouldn't be getting a thing from the taxpayers.