Auto Bailout Delayed; Lawmakers Say Execs Didn't Make Their Case To Congress
Thursday November 20, 2008 17:10:00 EST

(RTTNews) - Congress has given domestic automakers until the beginning of December to make the case that any federal funds to prop up the industry will be spent wisely and assist the companies to return to fiscal health.

Saying they did not have the votes to pass an emergency rescue measure this week, House and Senate leaders Thursday instructed automakers to prepare plans for their future to present before congressional committees the week of Dec. 2.

However, a bipartisan group of senators representing manufacturing states said they were disappointed by the delay as they had developed a compromise plan they believed Congress could act on immediately.

Senate Majority Leader Harry Reid, D-Nev., laid the blame for the delay squarely on the poor performance of (continued...)