Automakers Will Get Another House Hearing

Panel sets Dec. 5 date; Detroit's new plan due next week

By Will McCahill, Newser Staff

Posted Nov 26, 2008 5:25 PM CST

(Newser) – A House committee will hear struggling automakers out on their new ideas for federal aid Dec. 5, the Wall Street Journal reports today, with Detroit’s plan due to Congress’ Democratic leaders by Tuesday. Dems say approval of billions in federal funds hinges on making Ford, General Motors, and Chrysler “viable,” and a spokesman says the companies are “working tirelessly.”

In this Nov. 18, 2008 file photo, Ford Chief Executive Officer Alan Mulally, left, General Motors CEO Rick Wagoner, right, and Chrysler Chief Executive Officer Robert Nardelli appear on Capitol Hill (AP Photo)

General Motors CEO Richard Wagoner testifies on Capitol Hill, Nov. 19, 2008. (AP Photo)

Chrysler CEO Robert Nardelli testifies on Capitol Hill, Nov. 18, 2008. (AP Photo)

« Prev« Prev | Next »Next » Slideshow

To report an error on this story, notify our editors.

OTHER STORIES ON OUR RADAR

Getty Images

White Grandfather Cuffed for Walking With Black Granddaughter (NewsOne)

Man in Mugshot Explains Why He Has Half a Head (HuffPost)

These Exes Were Spotted Making Out … and That's a Bad Thing (Bleacher Report)

Help! I'm Having an Incestuous Relationship With My Twin (Slate)

Proof that Twitter Users are Sexier Than Facebook Users? (GeekSugar)

Partner Links

A snapshot of the day's best news stories.

View Larger Grid

All Today Yesterday Pick a Date

COMMENTS

Read the comment policy

Showing 1 of 1 comment

Guest

Nov 27, 2008 9:02 PM CST

Here's an idea. Let Honda or Toyota buy up the big three and show them how to do it right. And then maybe, they'll stop making dumb decisions like 'BIGGER is BETTER'. And then maybe, they'll become viable.

What's Popular Now on Facebook

Guy Buys $123 Safe on eBay, Finds Major Cash Inside

Study Finds Arsenic in Baby Formula, Cereal Bars

Wall Street Journal (Source Grid »)

Daimler won't agree to sell remaining stake in Chrysler
Detroit Free Press

GM mulls selling off brands to win feds' favor
Bloomberg

Politics • Money

Chrysler • General Motors • Ford • auto industry • bailout • financial crisis

More Newser Stories

Why Asian Automakers Don't Want Detroit to Fail

Big Three bankruptcy would disrupt supply chain, further sour US economy

(NEWSER) - As Detroit’s Big Three await word on the fate of their much-needed bailout, an unlikely group of supporters has assembled in their corner: foreign automakers. A collapse of General Motors, Ford, or Chrysler would devastate overseas manufacturers as well, CNNMoney reports, spreading bankruptcy to suppliers around the globe and forcing dealer networks worldwide to replace failed brands. More»

White House May Divert TARP Funds to Automakers

The President may tap bailout funds once thought off-limits to Detroit

(NEWSER) - The Bush administration said today it will consider using funds from the $700 billion market-rescue plan to bail out GM and Chrysler, MarketWatch reports. The shift comes after the Senate failed to pass $14 billion in emergency loans last night. The plans aren't final, but the money could help one or both of the automakers avoid bankruptcy. More»

Automakers Look to Bush to Fend Off Bankruptcy

Bankruptcy imminent for GM, Chrysler not far behind

(NEWSER) - What now for GM and Chrysler? Unless the White House comes up with emergency aid, General Motors could be in bankruptcy within weeks, with Chrysler close behind, Bloomberg reports. GM, in fact, has hired a team of top legal experts to explore that option, which would be one of the largest such filings in history, the Wall Street Journal notes. If either fails, it could trigger job losses of up to 3.5 million, says one study. More»

Dodd Endorses Big 3 Bailout as CEOs Hit Hill Again

Senate Democrat enlisted to work on compromise package

(NEWSER) - Sen. Chris Dodd welcomed the Big Three CEOs back to the Senate Banking Committee today by declaring his support for an auto bailout, the AP reports. Chariman Dodd said inaction would be akin to playing “Russian Roulette with the economy.” He praised the automakers for making a better case for assistance than the financial industry, which won a $700 billion rescue plan. More»

In DC Corral, the Big 3 Dare Congress to Shoot

Including a breakdown of the industry's ridiculous demands

(NEWSER) - The Big Three, their creditors, the unions, and Congress are locked in “a standoff worthy of a spaghetti western,” writes Steven Pearlstein in the Washington Post. “But none really wants to pull the trigger.” In the end, there’s little doubt Congress will step in, but lawmakers know they must get concessions from all parties first. Do the Big Three’s latest proposals fit the bill? Here’s how they break down: More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Automakers Will Get Another House Hearing

Panel sets Dec. 5 date; Detroit's new plan due next week

OTHER STORIES ON OUR RADAR

Chrysler • General Motors • Ford • auto industry • bailout • financial crisis

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Why Asian Automakers Don't Want Detroit to Fail

Big Three bankruptcy would disrupt supply chain, further sour US economy

White House May Divert TARP Funds to Automakers

The President may tap bailout funds once thought off-limits to Detroit

Automakers Look to Bush to Fend Off Bankruptcy

Bankruptcy imminent for GM, Chrysler not far behind

Dodd Endorses Big 3 Bailout as CEOs Hit Hill Again

Senate Democrat enlisted to work on compromise package

In DC Corral, the Big 3 Dare Congress to Shoot

Including a breakdown of the industry's ridiculous demands

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?

Automakers Will Get Another House Hearing

Panel sets Dec. 5 date; Detroit's new plan due next week

Bookmark & Share

OTHER STORIES ON OUR RADAR

Chrysler • General Motors • Ford • auto industry • bailout • financial crisis

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Why Asian Automakers Don't Want Detroit to Fail

Big Three bankruptcy would disrupt supply chain, further sour US economy

White House May Divert TARP Funds to Automakers

The President may tap bailout funds once thought off-limits to Detroit

Automakers Look to Bush to Fend Off Bankruptcy

Bankruptcy imminent for GM, Chrysler not far behind

Dodd Endorses Big 3 Bailout as CEOs Hit Hill Again

Senate Democrat enlisted to work on compromise package

In DC Corral, the Big 3 Dare Congress to Shoot

Including a breakdown of the industry's ridiculous demands

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?