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No viable auto bailout plan

There was so far no plan to rescue the crisis-hit 'Big Three' auto makers. -AFP

Fri, Nov 21, 2008
AFP

WASHINGTON, US - DEMOCRATIC Senate Majority leader Harry Reid on Thursday said there was so far no plan to rescue the crisis-hit 'Big Three' auto makers that could pass through Congress.

Mr Reid said it was a 'sad reality' that despite a bipartisan deal by four senators from states related to the industry, there was not yet sufficient support for a rescue plan to pass the Senate or House of Representatives.

He said the chiefs of big auto firms would have another chance to come up with suggestions for a rescue package, likely to involve significant restructuring, and Congress could hold hearings to consider a cash injection in December. -- AFP

 
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