Democratic leaders in Congress want the Big Three automakers to present a plan showing the money will make them financially viable.

When senate Democratic leaders acknowledged they didn’t have the votes, Senate Majority Leader Harry Reid hit the brakes on the proposed $25 billion loan.

Top executives testified again Wednesday on Capitol Hill but the action is going on behind the scenes.

Auto executives told a Senate panel yesterday and will tell a House committee today that if their companies fail, other businesses will also be pulled under, resulting in the loss of millions of jobs.

Treasury Secretary Henry Paulson told Congress Tuesday that the administration remains firmly opposed to dipping into the government’s $700 billion financial bailout fund to provide the
Big Three automakers the $25 billion rescue they are seeking.

The chief executives of GM, Ford and Chrysler go before the Senate Banking Committee today—ahead of this week’s vote on a Democratic plan to provide their companies $25 billion in loans.

GM, Ford and Chrysler are seeking $25 billion in emergency loans from the financial industry bailout package.

Sen. Chris Dodd suggests it would be better to wait until President-elect Barack Obama and a new Congress are sworn in.