Carmakers' Bailout Pleas Hit Senate Skepticism

Auto state lawmakers went further, threatening to block the administration's access to the second half of the financial bailout fund unless it made "a firm commitment to assist working Americans and save American jobs."

General Motors CEO Rick Wagoner, steps from a Chevrolet Malibu Hybrid car Wednesday, Dec. 3, 2008,...

General Motors CEO Rick Wagoner, steps from a Chevrolet Malibu Hybrid car Wednesday, Dec. 3, 2008, at his hotel in Washington after driving from Detroit to testify at Congressional hearings on the auto industry bailout. If the Detroit Three automakers have learned anything since their last trip to Washington, it's that the old way of doing business just won't fly. So the decision by auto executives to travel in hybrid cars rather than corporate jets is just the start to overhauling their image as the industry pleads its case for $25 billion in federal loans. (AP Photo/Gerald Herbert)

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The clear implication was that no more Wall Street aid would be available without help for the Big Three.

"I think they'll read between the lines," said Rep. Fred Upton, R-Mich., who teamed with Democratic Rep. John Dingell, also of Michigan, in a letter to colleagues outlining their position.

Under legislation enacted in October creating the financial industry rescue program, Congress can vote to block the Treasury Department from accessing the second $350 billion, although it would need a two-thirds supermajority to do so over a presidential veto.

Bush, too, voiced skepticism about an auto rescue package.

"No matter how important the autos are to our economy, we don't want to put good money after bad. In other words, we want to make sure that the plan they develop is one that ensures their long-term viability for the sake of the taxpayer," he said in an interview with NBC News.

President-elect Barack Obama was keeping his distance, prompting Rep. Barney Frank, D-Mass., who has been dealing with both the financial bailout and the auto rescue proposal to say Obama is "going to have to be more assertive than he's been." Frank is chairman of the House Financial Services Committee, which will conduct Friday's hearing.

Repentant after a botched first crack at bailout pleas, the executives from General Motors Corp., Ford Motor Co. and Chrysler LLC all agreed during Thursday's session that a multibillion-dollar bailout deal would include a supervisory government board that could order major overhauls of the companies if deemed necessary for survival.

United Auto Workers union President Ron Gettelfinger, aligned with the industry in pressing for the aid warned that without action by Congress: "I believe we could lose General Motors by the end of this month." He said the situation was dire and time was of the essence.