Sen. Carl Levin (D-Mich.) told reporters this afternoon he was disappointed that funding would not come out of the already-approved $700 billion package aimed at helping the economy as a whole and that he was disappointed that no action would be taken today.
Speaking on behalf of a bipartisan group of senators, Senator Levin said, “Our provision requires the long-term plan for financial viability to be presented with the application for the loan” of $25 billion.
Regarding the delay — until Dec. 2, the date upon which automakers are to simultaneously submit their business plan and loan request, Levin said, “We believe that there is also a reasonable chance that, if this was put to a vote today or tomorrow, it could get the votes needed to pass.”
Senator Levin’s comments came a short time after Senate Majority Leader Harry Reid (D-Nev.) and Speaker of the House Nancy Pelosi (D-Calif.) had discussed how Congress would deal with the crisis hovering over the nation’s domestic automobile industry (For details, see Auto Execs Told to Submit Last-Chance Plan Dec. 8).
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