Pelosi to Detroit: Show Us Plan, We'll Show You Money
Congressional leaders slammed on the brakes -- at least for now -- to any additional aid to struggling Detroit automakers.
In a press conference just concluded, House Speaker Nancy Pelosi (D-Calif.), Senate Leader Harry Reid (D-Nev.) and others told automakers that they must provide a plan to prove they are viable and accountable by the week after Thanksgiving if they are to get any money from Congress.
"Until they show us a plan," Pelosi said, "we cannot show them the money."
Reid said lawmakers were ready to return to a second lame-duck session on Dec. 2 and would be inclined to give Detroit bailout money, but only if GM, Ford and Chrysler present a convincing argument that they will be able to stay in business and restructure in a fashion favorable to Congress.
Reid then tossed the football back to the White House, saying the administration has all the authority it needs right now to give Detroit bailout aid out of the $700 billion rescue/relief program, which the administration has resisted.
Pelosi re-emphasized Congress wants to help Detroit: "This is our response to those who say, 'Let them go.' "
Reid said, "We want them to get their act together," referring to the automakers. "Yes, we're kicking the can down the road to give us an opportunity to do something positive. But only if they get their act together."
-- Frank Ahrens
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November 20, 2008; 2:37 PM ET
Categories: The Ticker | Tags: Detroit bailout, automakers
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