Automakers Raise Request to $34B

By John Johnson,  Newser Staff
Posted Dec 2, 2008 8:36 PM CST
In this Nov. 19 file photo, GM's Richard Wagoner, Chrysler's Robert Nardelli, and Ford's Alan Mulally, testify on Capitol Hill.   (AP Photo/Gerald Herbert, file)
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(Newser) – Automakers may be returning to Capitol Hill humbled into driving instead of flying, but that won't stop them from holding out their hands for even more money. Collectively, they told Congress today to be willing to shell out a total of $34 billion in loans and lines of credit—up from $25 billion last month—or risk seeing at least two of them collapse quickly, the Detroit News reports. Company plans came out today, and the CEOs will testify later this week.

GM's total request is now $18 billion, up $6 billion. It says it could go under by the end of this month without an immediate $4 billion. Chrysler says it needs $7 billion to avoid the same fate. Ford, meanwhile, appeared to be in the strongest shape and sought $9 billion for a line of credit it says it may not need. The automakers also pledged a host of cost-cutting measures, from job cuts and brand reductions to CEO salaries of $1.