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.
Here we go! The Dems in Congress getting ready to hand all of our hard earned money out. Why? So they can control the auto industry. Why are they asking the auto companies for a "plan" while they blindly hand money over to our financial institutions that started all this? Absolutely ridiculous leadership.
If the US automakers would commit to working with energy companies to develop more hybrid and electric vehicles, I would support bailing them out. As it is now, I see the automakers as being in the pocket of big oil by making cars that are far from fuel efficient. I see a trend in America towards clean, renewable energy, and today's automakers are stuck in the past.
thats about the smartest thing that has come from this issue. I've been skeptical bc there have been no details, if they can show they have a plan then it will be easier to see how the money can be wisely spent, but with no plan who knows where the cash will go. Show me executive bonus cancellations, upper management reductions, prototypes for cars people actually want, then we can talk.
i know lots of jobs are on the line here but the suits need to know they must be willing to take some cuts too.
they are asking for billions not millions. i say NO BAILOUT.
Wow Rob... a little RACIST don't you think? I thought we were living in a country where people with computers are educated enough to be on at least a high school level... guess not.
Anyways, I'm not a Democrat, I just had to write something about Rob's obnoxious comment, the election is over bud, now go join back up with the other white supremacists lurking in your small unknown town.
The real comment I want to make is: I am so sick of seeing these Democrats get up here and pretend like they are taking care of business. How hard is it to just say NO every once and a while? Bailouts for Democrat-controlled government is like crack/cocaine for a street junkie. Maybe we should make a federal program: BARE, Bailout Abuse Resistance Education... seriously, it's a necessity in my eyes.
If, the Big Three want a Bail out then they should get the money from Canada, or Mexico or any of the third world country's were they have shipped American JoB's to.
Let them go under or be bought up by more productive competitors.
People forget that GM was the number one car company in the world until the credit crisis hit, and they still top Toyota here at home. People don't know that no one at GM is getting a raise and some executives have already elected to take a paycut. People ignore the fact that the company has shed almost half itself while improving quality and delivering winners. They belittle the progress made in the Malibu, G8, Aura, Traverse, and the list goes on. This is an issue about credit. If the credit markets were healthy they could find loans in the market but they can't. That's why they won't survive bankruptcy. I've been there for 5 months now, and I think it's sad how people can demonize their neighbors in need. In 2010 there's the Volt, the Cruze, and soon the Camaro. These loans will ensure those cars make it to market, and I'm sure GM will honor it's debt to the American people.
These are supposed to be highly educated very well paid CEOs. They need to present a business plan that works! They are being paid to lead these companies. Instead they make millions burying it in the ground.
They need to get rid of the labor unions so they can make more rapid changes to their business structure.
Oh, and Dave from central Illinois: I live in Illinois and I am ashamed of you. Thankfully, brains won out and it will be Obama that cleans up this mess. The world, and most of us in the US that actually review facts and not Fox Dribble, took a collective "phew" once Obama won. Go back to your farm or homeschooling your children and leave the grown ups to discuss the issues.
A true picture of socialism
Thank you for your intelligent and meaningful comment Fred. Good to see great conservative minds at work here.
Rob translated means "Pig"
Bring back the EV1, then we'll talk
"Until they show us a plan we cannot show them the money."
Everyone bashes Pelosi and Reid but I am very proud of them for not handing over the cash and asking for a well thought plan.
I can already see things are going to be much better.
Its been a really long time since i could say this....
I AM EXCITED AND OPTIMISTIC ABOUT AMERICA'S FUTURE!!!!!!
good work you guys
It's astounding to see that people are still defending GM and their vehicles, which have been nothing but severe disappointments for the past two decades. There is nothing GM and the other domestic automakers have done to become even remotely competitive with the best foreign automakers. To blame their impending bankruptcy on the credit crisis is ludicrous at best; their cars are ridiculed overseas for being inefficient, poorly manufactured, and completely bland. To point out that they have offered ideas on how to become more competitive is too little, too late. They were shortsighted in their goals when fuel was cheap, and did whatever they could to profit from it, they should be given nothing. Yes, many people will lose their jobs if they went bankrupt, but to allow them to tap into the bailout cash would only delay the inevitable, and exacerbate their situation even further. Let them crash now, and they can sooner turn the page on this ugly chapter and start again from scratch.
If the Big three want any money then get bit from one of the country's that they have shipped American Job's to No bail out for the big three.
Ford can get money from selling the Lions GM needs to file Chapter 11,
So let get this staight, Congress gives AIG 700. billion but questions a 25. billion for the American auto industry which produces jobs for fellow Americans and then Palosi comes out saying they will do this after the Thanksging week break that the congress gets. Well I hope that Barney Frank and Ms. Palosi thinks about how wonderful there high and mighty holliday is, while 90% of Americans can;t buy a turkey to have a meal and has to explain why Santa is not coming this year. I think it is time to get rid of the congess and their pretend concerns for the American people and give the power back to the American citizens. I hope this will haunt then as the look around the table and maybe the will get food poisening.
This is NOT A PLAN!~
This is plain stupid!
At least be truthful and tell the american public what the real intent is here is to protect the unions. it is bad business to lend them more money as they will be back for more, let them go bankrupt it gets them out of the money they owe AND the union contracts for high wages. they pay 73 per hour compared to hondas 43.
Let them go back to the drawing board and change their company that is really worth something instead of feeding this dead horse!
Well. Good solution takes time. Has anybody know the whole picture of bailout/no-baiout? So the congress is doing the right thing, let the borrowers present their feasible plan and congress can vote on that.
Business is a Gamble!... America is in Trouble... Pelosi????
let the investors bail them out then.
millions of people are already losing their jobs...what makes the auto workers jobs more special????
let them suffer with the rest of us who cant find work.
to hell with the big "3"
I am so happy with the republicans. It is because of their opposition today the bailout plan did not go through. I wonder what will happen when Democrats will have super-majority from next year. It is very much scary. I am sure tax payers who voted for Obama will learn a un-forgettable lesson. I wonder what media like MSNBC, CNN, ABC , CBS would like to say then.