Word: congressed
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...long, Senators and Representatives from both parties have lamented the decades of bad management that have put the auto industry in its current predicament: investing in SUVs when the rest of the world, eyeing the future oil crunch, was betting on smaller, more fuel-efficient cars; spending millions lobbying Congress to avoid regulation that would force tougher environmental standards; and giving its union unsustainably generous deals on salary and benefits that hobbled its ability to compete with Japanese and European carmakers. And the answers to these criticisms from the Big Three CEOs at two hearings, one before each chamber, went...
...offensive, it's no wonder Democratic leaders demanded that the companies prove they can not only survive with these loans but also repay them. "Until they show us the plan, we cannot show them the money," Pelosi quipped. Of course, what passes for a viable plan - or whether Congress is in any position to judge it - is anyone's guess. A Democratic leadership aide said lawmakers are looking for "proof that they won't be back, hat in hand, in 12 months' time." Another said they desired evidence "that they will be able to operate in the long term without...
...cars; that notion had actually been pushed by Republicans earlier in the week, but until Thursday, Democrats had contended that the money should instead come from the $700 billion financial-bailout fund. The deal would include strict limits on golden parachutes for executives and a timeline to pay back Congress. The Commerce Department would have to approve the applicants after judging them to be capable of repaying the loans. "I am encouraged that the leaders are now taking this issue on and that they are committed," Levin said...
...After a week in which they were berated for their incompetence, the automakers reacted to the proposal with cautious optimism. "We appreciate the Congress's recognition of the auto industry's vital contribution to the nation's economic strength and national security. We intend to deliver a plan to Congress that shows them a viable General Motors," said GM spokesman Greg Martin. "We agree completely that there must be accountability to U.S. taxpayers for government support that enables automakers to continue their restructuring and to ensure a stronger, more competitive auto industry." For its part, Ford, which is the strongest...
...United Auto Workers head Ron Gettelfinger - who also appeared on Capitol Hill on Wednesday but has so far escaped much of Congress's wrath despite his union's crippling labor deals - used a press conference on Thursday to bash what he said was the hypocrisy of certain Detroit opponents in Congress. Many of the same Senators and Representatives who vehemently object to giving any aid to carmakers, he claimed, come from states that have shelled out big bucks as incentive to lure foreign automakers to set up plants. "It just seems odd to us that we can offer incentives...