The Big Three reportedly Lose Bailout Plea
Thursday November 20, 2008 09:58:00 EST

(RTTNews) - The efforts of the big three automakers - General Motors Corp. (GM), Ford Motor Corp. (F) and Chrysler LLC - to convince the lawmakers of an urgent need for federal aid have reportedly failed, with the Democratic congressional leaders disagreeing with Republicans and the Bush administration over how to provide assistance to the companies.

After two days of testimony before congressional committees, the heads of the major U.S. automakers were unable to win support for a plan by the Democrats to help automakers by using the funds allocated in the $700 billion rescue package, as it did not find favor with the Republicans or the Bush administration. It could be revived when the new president assumes (continued...)