Auto Makers Rescue Plan in Limbo as Politicians Declare No Agreement in Place

The Big Three auto makers failed to sway Congress to institute a rescue plan as politicians announced no agreement has been put in place to hand over $25 billion in requested aid.

Leaders of both the House and Senate stated General Motors, Ford and Chrysler would have to come up with a viable plan before by December 2 if they were to get public funding for the troubled auto industry.

While there had been senators who announced a deal was in place House Speaker Nancy Pelosi and Senate Majority leader Harry Reid declared that the proposed deal would not make it through a vote and told the car manufacturers they would have to craft a plan that would outline how the money would be spent and measures that guaranteed the protection of public money.

The Big Three told congressional committees they faced collapse as financing from banks has shored up and cars sales have dwindled. Democrats have been in favor of offering $25 billion from the $700 billion approved to bail-out the finance industry but a severe backlash for yet another bail-out has left supporters scrambling to justify the measure.

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