Friday, November 21, 2008

Pelosi to Big Three: Show Us A Plan, We’ll Show You The Money

If you hadn't heard already, the Big Three's pleas
to Congress fell on deaf ears today. Pelosi, Reid, and seven other Democratic Congressional leaders upstaged a meeting between the Big Three and a bipartisan group of senators to discuss a compromise surrounding the already-approved $25 billion in Federal aid. The Democrats' message, as voiced by Nancy Pelosi: "Until they show us a plan, we can't show them the money."

Specifically, Pelosi and other Democratic leaders want to see viability plans from the Big Three that ensure good stewardship of taxpayer money, and clear, concise plans towards corporate health and intelligent re-structuring. The bipartisan group of senators and the Big Three had hoped to redirect the $25 billion in low-interest loans towards simply bridging their current cash crises and remaining solvent for the time being.

In blocking immediate emergency Federal loans to the Big Three, Democrats have forced the domestics to show just how they would use the aid. Hearings on their plans are scheduled for December 2, and a vote by Congress is scheduled on or around December 8 when Congress returns to consider aid to the struggling Big Three.--Colin Mathews

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