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BREAKING: Sen Reid Says No Deal on Auto Bailout

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Anonymous Coward
User ID: 342843
11/20/2008 2:42 PM
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BREAKING: Sen Reid Says No Deal on Auto Bailout	Quote
"Reid said auto-state senators reached a compromise plan but that it wouldn't pass the House or Senate. He said Congress would return the week of December 8 if the Big Three came up with a new plan. Marketwatch ticker."

Anonymous Coward
User ID: 342843 (OP)
11/20/2008 2:44 PM

Re: BREAKING: Sen Reid Says No Deal on Auto Bailout	Quote
2:15 p.m. [GM] Reid: prepared to return Dec. 8 if automakers have good plan 2:14 p.m. [GM] Reid: auto companies should submit new plan by Dec. 2 2:14 p.m. [GM] Reid: no one has auto aid plan that would pass Congress

Anonymous Coward
User ID: 555369
11/20/2008 2:45 PM

Re: BREAKING: Sen Reid Says No Deal on Auto Bailout	Quote
Planet X will be here soon and all will be okay.

Anonymous Coward
User ID: 376196
11/20/2008 2:47 PM

Re: BREAKING: Sen Reid Says No Deal on Auto Bailout	Quote
YAY!!!!!!!!!!!!

Anonymous Coward
User ID: 550606
11/20/2008 2:51 PM

Re: BREAKING: Sen Reid Says No Deal on Auto Bailout

Quote

they have a plan!

First we plan to throw ourselves a really BIG BIG party, all three companies will join together for this shindig -- only the best of the best for our HERO's. Then we are going to upgrade our personal airplanes to even bigger ones with plasma TV's all over the place! then we are going to lay off half our employees and ship their jobs to China! For Christmas we are buying all our family members Mercedes Benz! Thank you for you apprecation and loyalty to the American Dream!

Sincerely,
Ford Motor, General Motors, Chrysler

Anonymous Coward
User ID: 376196
11/20/2008 2:52 PM

Re: BREAKING: Sen Reid Says No Deal on Auto Bailout

Quote

Quoting: Anonymous Coward 550606

THE FAT CATS HAVE JUST SUNG! GAME OVER!

Anonymous Coward
User ID: 550551
11/20/2008 2:53 PM

Re: BREAKING: Sen Reid Says No Deal on Auto Bailout	Quote
"Reid said auto-state senators reached a compromise plan but that it wouldn't pass the House or Senate. He said Congress would return the week of December 8 if the Big Three came up with a new plan. Marketwatch ticker." Quoting: Anonymous Coward 342843 Link?

Anonymous Coward
User ID: 342843 (OP)
11/20/2008 2:57 PM

Re: BREAKING: Sen Reid Says No Deal on Auto Bailout

Quote

Automaker-Rescue Plan to Be Considered Next Month (Update1)
By Laura Litvan and John Hughes

Nov. 20 (Bloomberg) -- Democratic congressional leaders said they will delay action at least until next month on a compromise plan to help cash-strapped domestic automakers.

“The sad reality is that no one has come up with a plan that can pass the House and the Senate and be signed by the president,” Senate Majority Leader Harry Reid, a Nevada Democrat, said at a Washington press conference. He said automakers must submit a plan showing how they can use the funds to become viable.

Failure to bail out the Big Three automakers this year may leave General Motors Corp. facing the prospect it could run out of cash before a new Congress can come to the rescue next year.

“Unless they can show us the plan, we can’t show them the money,” House Speaker Nancy Pelosi said.

Automakers must submit their plan to Senate Banking Committee Chairman Christopher Dodd and House Financial Services Chairman Barney Frank by Dec. 2, and Congress will come back into session the week of Dec. 8, the Democratic leaders said.

A bipartisan group of senators planned to describe their agreement on aiding U.S. automakers at a news conference later today.

“They have a bipartisan agreement, but it’s their agreement,” Reid said.

Congress is in a stalemate over how to pay for the $25 billion the Big Three automakers are seeking.

Republicans and the Bush administration want to use money already approved by Congress that is intended to help carmakers develop fuel-efficient vehicles.

Rescue Fund

Democratic leaders have demanded that the recently approved $700 billion bank-rescue fund be tapped for the package.

General Motors Corp., the largest U.S. automaker, probably has weeks rather than months left before it runs out of cash without federal aid, said Jerome York, an adviser to billionaire Kirk Kerkorian and former GM board member.

GM Chief Executive Officer Rick Wagoner “all but said” at congressional hearings in the past two days that GM can’t continue to operate until a new U.S. administration takes over in January, York said in a Bloomberg Television interview today.

Wagoner said automakers would like action before President- elect Barack Obama takes over because a global credit crunch that has slammed sales in the U.S. is spreading to global auto markets.

GM said Nov. 7 it may run short of the $11 billion minimum cash it needs to pay its bills each month by the end of this year and will fall “significantly” short of that level by the middle of next year.

Reid said the chief executives arriving in Washington in private jets didn’t make a good impression, and they failed to persuade lawmakers to act to help them.

“The executives of the auto companies have not been able to convince the Congress or the American people that this bailout of the auto industry will be the last,” Reid said.

Anonymous Coward
User ID: 166024
11/20/2008 3:01 PM

Re: BREAKING: Sen Reid Says No Deal on Auto Bailout	Quote
Wow, this is crazy. I expected this to pass, does the government realize that with the destruction of the 3 is the destruction of the US as we know it? Not saying that's a bad thing, I'm looking forward to it.

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