As Will Rogers said, "There is no credit to being a comedian, when you have the whole Government working for you. All you have to do is report the facts. I don't even have to exaggerate."
WASHINGTON (AP) -- Democratic leaders ordered Detroit's Big Three automakers Friday to submit what amounts to a detailed loan application to Congress so lawmakers can decide whether to give the beleaguered industry an emergency $25 billion lifeline.
In a letter to the auto executives released Friday afternoon, House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid demanded a detailed accounting by Dec. 2 of the companies' financial condition and short-term cash needs, as well as how they would achieve long-term viability.
"The auto companies' shareholders, business partners and prospective benefactors - the American people - deserve to see a plan that is accountable to taxpayers and that is viable for the long-term," Pelosi, D-Calif., and Reid, D-Nev., wrote.