Reaching a compromise key Senators drafted a bill that should see the $25 billion promised in September for factory retooling, being made immediately available as a kind of emergency cash bailout. However, upon the realization of not enough votes Democrat

Reaching a compromise key Senators drafted a bill that should see the $25 billion promised in September for factory retooling, being made immediately available as a kind of emergency cash bailout. However, upon the realization of not enough votes Democratic leaders shifted directions and decided to postpone the vote until December 8. In the meantime the Detroit Three must draft a plan which exhibits "viability and accountability," meaning a transformation that would ensure long term competitiveness and innovation.

This follows two days of presentations by the Big Three captains to Washington, which ended with nothing in hand for the worried executives. Time is now running out and any prospects of a bailout have to wait.House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid, D-Nev. said the automaker's plan must be received by Dec. 2. Further hearings are possible in early December with Congress returning to session the week after to consider legislation.

 

 

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