Dec. 5 Hearing Set On Detroit 3 Viability Plans

[fbachman]

Harry Stoffer

Automotive News

November 25, 2008 - 4:01 pm ET

 

 

 

WASHINGTON -- A congressional committee has scheduled a Dec. 5 hearing on the plans the Detroit 3 must submit to qualify for emergency federal aid.

 

Democratic leaders in Congress have demanded that the plans show the companies' viability before lawmakers will consider $25 billion in federal loans.

 

The House Financial Services Committee said its hearing will begin at 9:30 a.m. The committee did not release a witness list, but it is expected that the CEOs of General Motors, Ford Motor Co. and Chrysler LLC will appear.

 

The executives testified at House and Senate hearings last week. During their appearance, Democratic leaders chastised them for failing to make an adequate case for the loans.

 

The leaders told the automakers to submit plans explaining how they would use federal loans to "bridge" the current economic crisis and how they would change operations to become viable for the long term.

 

If the plans are acceptable, the leaders said, Congress will consider legislation to provide the loans the week of Dec. 8.

 

GM spokesman Greg Martin said today that each company is expected to provide two documents to Congress. One would be a shorter, public summary. The other would be a longer, detailed document including proprietary information, to which Capitol Hill access would be tightly restricted.

 

A spokeswoman said today that the Senate Banking Committee has not scheduled a follow-up hearing.

[ZZ327]

I heard they were all driving in!

[HawkeyeOC]

Thats what I heard. One big caravan

[Bostonsfavson]

Thats what I heard. One big caravan

 

They should all carpool in the Hybrid Tahoe. Whomever makes it to Washington alive gets the money; FOX can make a reality show out of it.

[alaska511]

Thats what I heard. One big caravan

 

 

Oh yes, can't you see the caravan of clean green hybrids, now?

 

How far behind do you suppose the chase trucks, loaded with spare vehicles will be? (just in case)

[2000DV4.8]

Thats what I heard. One big caravan

 

 

Oh yes, can't you see the caravan of clean green hybrids, now?

 

How far behind do you suppose the chase trucks, loaded with spare vehicles will be? (just in case)

 

 

Can't forget the helicopters following them video taping it all.

[Zembonez]

I think they should all carpool in an old Pinto.

[alaska511]

The boys from FoMoCo would impress me if they found some restored Pintos and showed up in those.

 

GM honchos could roll a pristine Chevette and a Citation.

 

If the Mopar fellas roll up in an a shiney Aries K, then Congress should deny them any funding whotsoever. It will solidify feelings that no matter what they have tried, their attempts at building economical vehicles only wound the public

[trolsgirl]

The boys from FoMoCo would impress me if they found some restored Pintos and showed up in those.