Automakers Need to Make Case for Government Aid

By: AP
By: AP

WASHINGTON (AP) _ GM says it will meet a congressional deadline for detailed reports on how it plans to survive.

Democratic leaders have ordered GM, Chrysler and Ford to give accounts of how the government would be reimbursed if lawmakers
approve a $25 billion loan for the auto industry. Lawmakers also
want to know how the companies plan to stay afloat before handing
out a taxpayer-financed lifeline.

House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid
want a detailed accounting by Dec. 2 of the companies' financial
condition.

Meanwhile, the Bush administration is taking congressional Democrats to task for taking a recess without deciding on the rescue. Commerce Secretary Carlos Gutierrez asked how could lawmakers leave town when the auto companies were just in Washington saying some are on the verge of running out of cash.

GM has warned it could reach its cash minimums next month.


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