|Nancy Pelosi and her wussy counterpart from Joe Lieberman's very own, personal Senate lay down the law to automakers, demanding from them the same thing a bank would before lending anyone, let alone such a dubious client, money: a business plan.
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.
Meanwhile, The Hill takes a few pulses on the bailout idea, and GM shares fall below the price of a gallon of gas.
Labels: Big Three, Detroit, economic crisis, the Bush bailout, U.S. automakers