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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Pelosi: I 'Hope' We Help Detroit Automakers

At a news conference just concluding on Capitol Hill, House Speaker Nancy Pelosi (D-Calif.) said she has received the spending proposals from the Big Three Detroit automakers and said they will be thoroughly reviewed.

Nevertheless, Pelosi said: "It is my hope that we would" give the automakers some kind of relief.

GM, Ford and Chrysler are asking for at least $25 billion in direct government loans to avoid bankruptcy and stay afloat, they say.

She said the Big Three's plans will be reviewed by the Fed Reserve, the Government Accountability Office and the relevant administration agencies.

The heads of the Big Three will testify before the Senate on Thursday and the House on Friday.

"It's pretty clear bankruptcy is not an option," Pelosi said, saying bankruptcy takes "too long" to help companies. Further, "everyone is disadvantaged by bankruptcy" in the economy, she said.

-- Frank Ahrens
The Ticker is Twittering!

By Frank Ahrens  |  December 2, 2008; 4:19 PM ET
Categories:  The Ticker  | Tags: Chrysler, Ford, General Motors, Nancy Pelosi, automakers, bailout  
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