Big Three State Case before the House

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CBNNews.com - WASHINGTON - After getting little sympathy from senate lawmakers, executives from the Big Three auto companies will take their case to members of the House today.

They're seeking support for a bailout package that would help them avoid bankruptcy. But they face an uphill climb.

Click play to hear Gordon Robertson's comments following this CBN News report.

No Love from the House

The Big Three automakers ditched their private jets this time around in favor of hybrid cars for their trip to Washington. But their reception on Capitol Hill wasn't any better.

"If you made this presentation to get a bank loan, I suspect that any sensible banker would summarily dismiss your request," said Congressman Richard Shelby.

That request is for $34 billion in government aid that would help keep General Motors, Chrysler and Ford afloat. CEOs from the three companies pleaded their case in front of a Senate panel yesterday

"I recognize that this is a significant amount of public money," acknowledged Chrysler CEO Robert Nardelli. "However, we believe this is the least costly alternative considering the depth of the economic crisis and the options we face."

They'll head back to Capitol Hill today for a final day of grilling, this time by members of the House - and they're not likely to receive much sympathy there, either.

Nevertheless, the companies continue to say that bankruptcy is not an option. 

Judgement Day for the Auto Industry?

To avoid doomsday and get the desired government bailout, the CEOs seem open to several proposals from lawmakers. One would be an oversight board. Another is a potential merger between GM and Chrysler.

"I would be very willing to look at it seriously," said GM CEO Rick Wagoner.

Ron Gettlefinger, president of United Auto Workers, warned that doomsday may be on the horizon: "General Motors and Chrysler could run out of funds in the very near future and be forced to liquidate."

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Erick Stakelbeck

Erick Stakelbeck

CBN News

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