WASHINGTON (AFP) — The US Senate and House of Representatives hope to hold votes next week on a bailout plan to save America's teetering Big Three automakers, Democratic leaders in Congress said Friday.
"I expect that legislation will be brought up for a vote in the House next week," House speaker Nancy Pelosi said in a statement, after two days of contrite testimony by auto industry bosses on Capitol Hill.
"Congress will insist that any legislation include rigorous and ongoing oversight to guarantee that taxpayers are protected and that resources are directed to ensure the long-term viability and competitiveness of the American automobile industry," Pelosi said.
Senate Majority leader Harry Reid said he hoped his chamber of the lame duck Congress would also vote on a bailout, and piled pressure on Republicans to help push the rescue bill through.
"We aim to have votes next week on a responsible plan to help the millions of Americans who rely on a healthy auto industry for their livelihoods," he said in a statement.
"We will need support and cooperation from Republicans to determine when that vote happens and whether it will succeed," Reid said.
"This week's hearings have made clear that we cannot let these companies fail.
"We cannot afford the risks of these companies going bankrupt when our economy already faces the highest job loss in a generation and we are a year into a devastating recession."
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