Big Three Want More Money in Bailout
Automakers submitted their turnaround plans to Congress Tuesday with the hopes of winning approval for a lucrative loan package they claim is necessary for their survival.
The plans included salary cuts for top executives, the sale of corporate jets by General Motors and Ford and the possible elimination of two GM brands - Pontiac and Saturn. But the Big Three are also now asking the government for as much as $34 billion instead of the $25 billion they originally wanted.
General Motors, the nation's largest automaker, said late Tuesday afternoon that it is seeking up to $12 billion to survive into 2010 and that it anticipates using $4 billion of that just this month in order to avoid bankruptcy.
Respond: What do you think about bailing out 'the big three'?
The plans included salary cuts for top executives, the sale of corporate jets by General Motors and Ford and the possible elimination of two GM brands - Pontiac and Saturn. But the Big Three are also now asking the government for as much as $34 billion instead of the $25 billion they originally wanted.
General Motors, the nation's largest automaker, said late Tuesday afternoon that it is seeking up to $12 billion to survive into 2010 and that it anticipates using $4 billion of that just this month in order to avoid bankruptcy.
Respond: What do you think about bailing out 'the big three'?
