Congress: Not sold just yet

“The chief executives of Detroit's automakers returned to Capitol Hill yesterday bearing austere business plans and a dose of humility, but they failed to close the deal for as much as $38 billion in federal loans,” the Washington Post front-pages. “Lawmakers said they were not convinced that the automakers could return to profitability even with a massive infusion of government cash. That left the once-mighty manufacturers with no clear path to salvation and serious questions about their immediate future. Without a quick rescue, General Motors has said it may not survive the month.”   The New York Times : "The chief executives of America’s foundering automobile manufacturers returned to Capitol Hill on Thursday and found themselves confronting years of pent-up anger, the harsh politics of a recession and the realization that even their strongest supporters might not be able to muster the votes to save them." The LA Times’ coverage of yesterday’s testimony is also pessimistic. ... (link)