Today's hearings in front of the House of Representatives committee for the Big 3 CEO's was an instant replay of yesterday. GM and Chrysler both reiterated that without Government assistance they would likely wind up in bankruptcy. GM, however, has made absolutely no provision for a bankruptcy so they seem to be completely relying on a loan.
There is a new development as Senators Christopher "Kit" Bond (R., Mo.) and George Voinovich (R., Ohio), began work on a plan to speed release of $25 billion in already approved loans. These are the ones intended to help the industry meet higher fuel-economy standards. I have no idea if they can get this on the floor for a vote this week, which seems to be the bigger issue. There simply is not enough sentiment in Congress to undertake the heroic effort needed to to get a bill over to President Bush by Friday.
If nothing happens this week, which I suspect will be the case, then I suppose the lame duck session could reconvene after Thanksgiving, which really cramps the lifestyles of our rich and famous representatives in Washington!
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