In DC Corral, the Big 3 Dare Congress to Shoot

Including a breakdown of the industry's ridiculous demands
By Kevin Spak,  Newser Staff
Posted Dec 3, 2008 8:50 AM CST
Carl Levin, center, listens to a question during a news conference on the auto industry bailout, Thursday, Nov. 20, 2008.   (AP Photo/Gerald Herbert)
camera-icon View 2 more images

(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:

  • GM has the most convincing plan, requesting an immediate $4 billion to keep things running while it negotiates with various stakeholders. If it’s successful, Congress could dole out more money.
  • Ford, meanwhile, contends that it’s doing fine, but needs a $9 billion loan—with virtually no strings attached—just in case.
  • Chrysler is asking for $7 billion, but promising no changes; essentially, it’s asking Congress to tide it over until it can merge with GM or otherwise sell itself.