Dems ask Big Three for restructure plan

The Democratic leadership of Congress asked the Big Three automakers to tell them how they will transform their companies before Congress considers giving them federal aid.

House Speaker Nancy Pelosi (D-Calif.) and Senate Majority Leader Harry Reid (D-Nev.) sent the CEOs of GM, Chrysler and Ford a letter on Friday, seeking details on how they will transform their companies to remain viable.

{mosads}The Big Three automakers must present their plans to Congress by Dec. 2. Congress is set to return the following week for a special session to consider the automakers’ plans.

Pelosi and Reid blocked pleas for a $25 billion bailout on Thursday and instead set a two week deadline for the companies to return with a plan.

The full text of the letter is available on the Briefing Room blog.