Mahindra & Mahindra (M&M), India’s top utility vehicle and tractor manufacturer has announced that it intends to cease five of its plants temporarily between 3 to 6 days.

Washington - Speaker of the House Nancy Pelosi said late Friday that Congress was considering a short-term funding deal for the US automotive industry and that a vote on some sort of bail-out for the Big Three was expected by next week.

Congressional leaders are to spend the weekend ironing out a deal over how to help the US automotive industry survive the economic recession.

WASHINGTON, Dec. 5 -- Congressional Democrats said Friday they have agreed on a plan for short-term loans that one lawmaker said would carry U. S. automakers "well into" next year.

Congressional leaders said they expected to hold votes on the legislation during a special session next week, The New York Times reported.

Rep. Barney Frank, D-Mass. -- chairman of the House Financial Services Committee -- told NBC News Friday night the plan involves using funds from a $25 billion loan that has already authorized for technology upgrades, to allow automakers to meet cash flow needs in the short term.

"What we believe is that $25 billion will get us well into the next year," he said.

Washington  - US legislators have proven reluctant to provide the ailing car industry with the money it needs to survive, despite promises by executives to retool for the modern era and warnings of economic "disaster" if any of Detroit's Big Three declare bankruptcy.

It is a sign of just how deep a hole the carmakers find themselves in. Despite record job losses and a deepening economic recession, the government and lawmakers were not prepared to put taxpayer funds at risk for automakers that seemed doomed to fail regardless.

WASHINGTON, Dec. 5  -- Participants in a bailout hearing Friday debated whether the Big Three U. S. automakers should seek bankruptcy protection before accepting federal aid.

Edward Altman, a New York University finance professor, advocated Chapter 11 bankruptcy protection for General Motors Corp., arguing before the House Financial Services Committee that the troubled automaker would not survive unless it became a debtor in protection.