Vote on Bailout for Carmakers on Hold until Sustainability Plan is Handed In

2008-11-21 06:06:19 (GMT) (WiredPRNews.com - Business, News)

Wired PR News.com – The Big Three automakers now have to provide Congress with a viable plan for sustainability if they want to receive bailout funds. As reported by the Associated Press (AP), Speaker Nancy Pelosi stated in a press conference Thursday, “Until they show us the plan, we cannot show them the money.”

The vote on whether to provide Chrysler LLC, Ford Motor Co., and General Motors Corp., with the $25 billion they are requesting has now been put on hold. Congress plans to make the decision early December if the trio can provide plans that meet their standards by the required Dec. 2 deadline. If the assistance is not provided, the result could be mass layoffs and a significant change in power within the auto industry, with one or all of the major three companies having to file for bankruptcy, and subsequently liquidate their assets.

Quoted in the report of Representative Michael Capuano, “My fear is that you’re going to take this money and continue the same stupid decisions you’ve made for 25 years.”