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.