The CEOs of Detroit's Big Three automakers left Capitol Hill today with bleak prospects of getting $25 billion in emergency loans, Bloomberg reports. Negotiations continue, especially among lawmakers of automotive states, but Republicans and Democrats are deadlocked over where any such aid should come from. Senate leader Harry Reid canceled a vote on the issue scheduled for tomorrow.
The leaders of GM, Chrysler, and Ford testified before a House panel, one day after doing so in the Senate. Again, they met a chorus of criticism. Democrats hope to carve out $25 billion from the $700 billion rescue plan, but Republicans and the White House are opposed. They want to retool $25 billion in previously approved loans. With the lame-duck session set to wrap up in days, the chances of doling out any aid looks slim.