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Auto Bailout Fails

Big Three must submit new plan by December 2.

Automakers won't be able to name "federal bailout" as something they're grateful for this Thanksgiving. Congress failed to reach an agreement today on an auto industry bailout, and won't revive their efforts until after the holiday. They will require the Big Three automakers to submit a plan to Congress by December 2 outlining how they would use federal money. "Until they show us a plan," said Nancy Pelosi, "we cannot show them the money." Also not seeing the money today: Wall Street. For the second straight day the Dow has shed more than 400 points, falling to 7552.29. The sharp decline came in the afternoon as it became clear that the bailout would fail. Of the tumultuous day on Wall Street, David Evans, an analyst at BetOnMarkets.com, said "Any remaining confidence in global markets has been well and truly trampled on today as investors throw in the towel."