Today’s breaking news out of Detroit revealed that Washington has decided the domestic auto industry is worth keeping afloat, but as if often is with any government handout, the federal aid won’t come without a little extra work from the Detroit 3. Tentatively, lawmakers on Capitol Hill announced that they had reached a consensus regarding the terms of the bailout, yet both the House and Senate have expressed public doubt that the measure will earn enough favorable votes to pass into legislation.
Senate Majority Leader Harry Reid, D-NV, blamed Detroit’s outward lack of commitment to responsibly managing the federal aid for Congress’ hesitancy to approve the bill. “The auto companies have not been able to convince Congress or the American people that this bailout will be their last,” Sen. Reid said.
Predicting a largely unfavorable outcome from both the House and the Senate, rather then send the measure to the floor where it would most certainly be killed, Congress has opted to delay any official voting on the bill until session resumes in early December. During the interim, Chrysler, Ford, and GM have all been instructed to devise a financial plan to that would convince lawmakers they are a worthy investment. Speaker of the House Nancy Pelosi said that the plans must be ready for review by December 2, at which time lawmakers will review the plans and then cast their official votes on the bailout bill. Stressing the importance of really dazzling the audience, Pelosi stated to the press simply, “Until they show us the plan, we cannot show them the money.”
Source: Detroit Free Press