hypocritexposer
Well-known member
DETROIT--
General Motors Corp. and Chrysler LLC on Tuesday told the U.S. government it needs even more taxpayer money to survive than originally thought.
Meanwhile, the United Auto Workers union said it has reached a tentative agreement with Chrysler, GM and Ford Motor Co. on modifications to existing labor contracts. The agreement was announced by UAW President Ron Gettelfinger as Chrysler unveiled new job cuts as part of its restructuring.
Acknowledging that industry conditions are worse than expected when it made the case in December for a government bailout, Chrysler requested an additional $5 billion in government loans. It originally said it would need $3 billion more. The company had previously received $4 billion from the Treasury Department.
General Motors Corp.'s restructuring proposal says the company may need up to $30 billion in government loans as it implements a survival plan that includes cutting 47,000 jobs and closing five more U.S. factories.
GM submitted the dire plan to the Treasury Department on Tuesday to explain how the Detroit automaker will become viable and repay its loans. It says GM will try to borrow up to $16.6 billion more from the government, on top of the $13.4 billion it has already received.
http://www.foxnews.com/politics/first100days/2009/02/17/gm-chrysler-billion-bailout-cash/