Despite last minute wrangling, the auto industry won’t get much-needed funding from Congress.
In a press conference Thursday, Senate Majority Leader Harry Reid (D-Nev.) said that despite bipartisan efforts to provide $25 billion in funding already allocated by the Energy Department, a viable plan was not reached.
"The sad reality" is that the Senators couldn’t come up with a plan that would pass the House and Senate and be signed by President George Bush, said Reid. He said the main reason is that the auto industry executives didn’t convince Congress and the American people that a bailout would help the companies during its two days of testimony.
"The best way to proceed is for the automobile companies to make their case to Congress and the American people," said Reid. He said the car companies are welcome to submit a plan to Rep. Barney Frank (D-Mass.), the chairman of the House Financial Services Committee, and Christopher Dodd (D-Conn.), the chairman of the Senate Banking Committee, no later than Dec. 2.