Bailout Wait 'Nerve-Wracking'

Hearings 'more hostile than expected,' says Wagoner
By Peter Fearon,  Newser Staff
Posted Nov 21, 2008 1:50 AM CST
Auto industry chiefs testify on the need for a bailout.   (AP Photo/Manuel Balce Ceneta)
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(Newser) – Two grueling days of congressional hearings on a bailout for the auto industry were "hostile" and the wait for an answer is "nerve-wracking," General Motors CEO Rick Wagoner told the Detroit News yesterday. GM is ready now to show Congress detailed restructuring plans to convince lawmakers to hand over billions in aid. Legislators are requiring plans from each of the Big Three automakers before they'll agree to a rescue package.

"I thought it was a little more hostile than I might have expected," Wagoner said of the hearings. He warned that the industry could collapse without help. "Why would you take that risk at a time the economy is teetering on the brink?" he asked. "We need to get through a tough time and onto the future."