Four senators reach bipartisan auto aid deal

[City Lights]

Four senators reach bipartisan auto aid deal

By Kevin Drawbaugh Kevin Drawbaugh – 14 mins ago

WASHINGTON (Reuters) – Four senators have reached a bipartisan agreement on a bill to assist the struggling automotive industry, the lawmakers announced in a joint statement on Thursday.

A news conference was planned for 2.30 p.m. "to discuss the details of a bipartisan agreement on a bill to support the auto industry," the statement said.

The lawmakers involved are Michigan Democrats Carl Levin and Debbie Stabenow, as well as Ohio Republican George Voinovich and Missouri Republican Christopher Bond.

Details of the agreement were not immediately available.

U.S. automakers General Motors, Ford Motor and Chrysler have been pleading for $25 billion in emergency government aid to weather a steep business downturn. The CEOs of all three companies testified before two congressional committees this week, but came away empty-handed.

more... http://news.yahoo.com/s/nm/20081120/bs_nm/us_autos_bailout_senate_5

[Possumpoint]

1. Reports I heard

Said that leadership says the plan won't fly. Congress may be called back to a meeting in mid December to discuss other options.

[City Lights]

2. From the press conference:

Democrats set December 2 deadline for automakers' to offer plan

WASHINGTON (Reuters) – Senate and House Democratic leaders at a news conference:

* U.S. Senate Democratic leader eid says "the sad reality is that no one has come up with a (auto) plan" that can be passed by house and senate, signed by president.

* Reid says will give automakers another opportunity to make their case to Congress, submit plan by December 2.

* Reid says prepared to come back into session the week of December 8 to help automakers get assistance.

* Reid says Bush administration already has authority to provide automakers aid under Treasury Dept's TARP program.

* U.S. House Speaker Pelosi says "until they show US a plan, we cannot show them the money" regarding automaker aid.

* Pelosi says healthy auto industry is crucial to U.S. industrial base and national security, but must show a "path" to viability.

* Pelosi: "We're talking about the need for accountability, the need for viability" not the source of money to help automakers.

* Reid says automakers must develop bailout proposal that can pass congressional muster during week of December 8.

* Reid says "we can only help if they (U.S. automakers) are willing to help themselves."

* Pelosi says U.S. automakers first asked Congressional leaders for help supporting a merger, then asked for help with liquidity.

* Reid says "we do not have the votes" to bring up Democratic proposal for aid to automakers.

http://news.yahoo.com/s/nm/20081120/bs_nm/us_autos_bailout_48