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No agreement for US car bail-out | |
(30 minutes later) | |
US politicians have said there is no agreement on a rescue plan to help the crisis-hit "Big Three" carmakers. | |
The leaders of the two houses of Congress were speaking after four senators had announced agreement on a bipartisan $25bn bail-out package. | |
Instead Ford, GM and Chrysler have been given until 2 December to come up with their own viable recovery plan. | |
House Speaker Nancy Pelosi warned the car firms that without a plan, they would not get public funding. | |
Democratic Senate Majority leader Harry Reid said that there was so far no plan to rescue the car industry that could pass through Congress. | |
Earlier on Thursday, Democratic Senators Carl Levin and Debbie Stabenow, from Michigan, the heart of the US car industry, and Republicans Kit Bond of Missouri and George Voinovich of Ohio said they had a deal, but this did not garner wider support. | |
The chief executives of General Motors, Ford and Chrysler pleaded for a $25bn bail-out before two congressional committees this week, but came away empty-handed. | |
The car firms say they risk collapse, which could lead to millions of Americans losing their jobs. | The car firms say they risk collapse, which could lead to millions of Americans losing their jobs. |
Shares in General Motors soared 27%, while Ford rose 28% on hopes of a deal. Chrysler is privately held. | |
Democrats have demanded that the White House and the Treasury carve out $25bn in funding from the already-agreed $700bn finance industry bail-out to support the car firms. | Democrats have demanded that the White House and the Treasury carve out $25bn in funding from the already-agreed $700bn finance industry bail-out to support the car firms. |
However, the White House and many Republicans favour using a $25bn loan programme designed to help the companies develop more fuel-efficient vehicles. | However, the White House and many Republicans favour using a $25bn loan programme designed to help the companies develop more fuel-efficient vehicles. |
Meanwhile, the United Auto Workers president, Ron Gettelfinger, said on Thursday that politicians needed to take immediate action on a $25bn bridge loan bill to support the US car industry, otherwise he said one or more firms could fail. | |
Mr Gettelfinger, who testified on Tuesday and Wednesday to congressional committees in support of the loans, said action was needed "now, today". | Mr Gettelfinger, who testified on Tuesday and Wednesday to congressional committees in support of the loans, said action was needed "now, today". |