In a hearing before the Senate banking committee on Tuesday, November 18, the heads of the Big Three Detroit automakers met with a cool reception as they pleaded with lawmakers for emergency government aid.

Although some funds may still be freed from a loan program previously approved for the re-tooling of factories to produce energy efficient vehicles, Senate Democratic leaders lack the support for a plan to divert $25 billion of the $700 billion economic rescue fund to the auto industry.

Two of the three automakers told the committee members that they could run out of fund by year's end and all said their current financial problems did not stem from management mistakes, but were rather the product of the credit crunch and the weakened economy.

The tense discussions left the auto execs on the defensive in the face of lawmakers unimpressed with the existing reorganization plans in place at the respective companies and unconvinced that additional funds would make a difference. "We have little evidence that $25 billion will do anything to promote long-term success," said Senator Michael B. Enzi, Republican of Wyoming.

General Motors chairman Rick Wagoner said the effect of a collapse in the auto industry would be disastrous. "The societal costs would be catastrophic -- three million jobs lost within the first year, U.S. personal income reduced by $150 billion and a government tax loss of more than $156 billion over three years."

His pleas, however, appeared to fall on deaf ears as there seemed no chance of a bailout being passed in the Congressional lame-duck session and no support for such a measure forthcoming from the Bush White House.