US Senate Cancels Vote On Detroit Big Three Bail Out
The United States Senate have agreed to "call off" their planned vote this week over the $25 billion dollar bail out to Detroit's big three automakers, General Motors, Ford Motor Company and Chrysler LLC. Harry Reid, the Senate's Majority Leader, announced that he wanted to "figure out some way to help Detroit's struggling Big Three" but "efforts to do so had stalled". That stalling came as congressional Republicans rejected the Democrats plan to pull $25 billion from the $700 billion dollar package given to Wall Street for the financial crisis. General Motors Corporation CEO, Rick Wagoner warned the company "could run out of money by early next year" and said the company would need "$10 to $12 billion" in loans. Chrysler LLC CEO Robert Nardelli also pleaded, saying Chrysler "could be dangerously close by the end of this quarter" to being bankrupt and is seeking "full financial transparency with the government". The situation seemed to be slightly different for Ford Motor Company's CEO, Alan Mulally, who said the company "didn't need immediate funds unless the economy turned much worse next year" but was interested in seeking some $7 billion in loans. No further details have been announced. Reported by Detroit News.
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