U.S. lawmakers were deadlocked on a plan to bail out the U.S. “big three” automakers, leaving General Motors Corp. with the prospect of running out of cash before a new Congress is sworn in next year, Bloomberg reported Thursday.
Democratic leaders disagreed with Republicans and the Bush administration over how to provide $25 billion in aid to GM, Ford Motor Co. and Chrysler LLC, with just two days left in a lame-duck session for lawmakers to construct a compromise, Bloomberg said.
Senate Majority Leader Harry Reid (D-Nev.) could not bring up a Democratic plan to offer the $25 billion, after Republicans objected to it, the New York Times reported Thursday.
Senator Christopher Bond (R-Mo.) offered a plan for $25 billion in loans to the troubled automakers, which was opposed by Democrats, the Times said.
A Democratic plan for aid may be revived when President-elect Barack Obama takes office in January, Bloomberg said.
GM Chief Executive Officer Richard Wagoner said automakers would like action before Obama takes office because of the global credit crunch that is sharply reducing U.S. sales and is spreading to global auto markets, Bloomberg reported.
In addition to carrying cars, the trucking industry hauls supplies and parts for automakers.
