Capital Markets

Democratic Leaders Ask Automakers for a Plan

"We’re talking about the need for accountability," Speaker Nancy Pelosi says.
Roll Call StaffNovember 20, 2008

After failing to strike a bipartisan deal on a $25 billion auto loan package, House and Senate Democratic leaders on Thursday called on the Big Three automakers to submit by Dec. 2 a report to the secretary of Commerce and Congress with a plan for viability.

Senate Majority Leader Harry Reid (D-Nev.) said Congress was “prepared” to return the week of Dec. 8 to consider any legislation aimed at helping the auto industry.

But Democratic leaders said flailing auto manufacturers don’t have a plan for the future. “We’re talking about the need for accountability,” Speaker Nancy Pelosi (D-Calif.) said at a news conference.

Both House and Senate committees plan to hold hearings on the issue the week of Dec. 2.