From msnbc.com news
MSNBC.com has reported that Democratic leaders have decided to put off a bailout vote for the auto industry until December and will insist that the Big Three first come up with a plan showing how the money would help transform their industry.
An announcement is expected later in the day in the Capitol, where top Democrats in the House and Senate have been meeting. The officials who described the developments did so on condition of anonymity, saying they were not authorized to disclose them.
The big auto companies — General Motors Corp., Ford Motor Co. and Chrysler LLC — have been seeking government loans totaling $25 billion to stay in business until spring. Critics want to make sure the companies will use the money to transform their industry into one that is more competitive.
Auto Industry officials say without help, one or more of the Detroit Three automakers could collapse by the end of this year, and “the costs that would come from this are just too great.”
The Associated Press and Reuters contributed to this report.
URL: http://www.msnbc.msn.com/id/27824057/