Congressional leaders blocked any immediate federal help for Chrysler, Ford and General Motors. “The sad reality is that no one has come up with a plan that can pass the House and the Senate and be signed by the president,'' said Senate Majority Leader Harry Reid.

House and Senate leaders have instead told the car makers to submit detailed plans for turning around their businesses, and for spending any taxpayers’ money, by December 2^nd. Lawmakers would then review the documents and would be prepared to return for a special session with joint House and Senate hearings the following week.

Meanwhile, a bipartisan group of Senators had devised a plan they hoped could have been voted on before Congress broke for recess on Thursday. The plan would allow $25bn in federal loans already earmarked to help develop greener vehicles to be used as the bridge loan the three car makers were looking for. That, too, would have required more information from the companies.

19 Nov 2008 -

Taking flight

19 Nov 2008 -

Dodging Carmageddon

16 Nov 2008 -

No money for nothing