|
Dems want business plan from automakers |
|
By Michael Sandler
|
|
Posted: 11/20/08 02:38 PM [ET] |
|
Democratic leaders said Thursday that they want the struggling American
car manufacturers to submit a business plan in the next two weeks in order to
receive billions of dollars in emergency aid from the federal government.
Senate Majority Leader Harry Reid (D-Nev.) and House Speaker Nancy
Pelosi (D-Calif.) said they would return in December to review the plans, which
are due by Dec. 2. Congress would then return on Dec. 8 to consider a proposal
to help the auto industry.
The leaders made the announcement after saying they would not accept a
deal, worked out by Republican and Democratic senators from Rust Belt states,
that would lift restrictions on $25 billion in money previously approved to help
automakers retool their plants to make more fuel-efficient cars.
“Executives for auto companies have not been able to convince this
Congress or the American people that this bailout will be the last,” Reid said.
Instead, they want automakers to come up with a plan that shows how
they would use the money.
“Until
they show us a plan, we cannot show them the money,” Pelosi said. |
