It's Another Round of Auto Bailout Talks

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CBNNews.com - WASHINGTON - U.S. auto executives are going back to Capitol Hill for another round of bailout talks.

But their requests have jumped from $25 billion to $34 billion.

Auto Execs Present Plans to Congress

The tin cups will be out in force on Capitol Hill Thursday as the CEOs of the struggling Big Three automakers come to town again trolling for federal dough.

Click play for more analysis with Andrew Grossman of the Heritage Foundation.

"We're on the brink with the U.S. auto manufacturing industry," warned Chrysler vice chairman Jim Press. "If we have a catastrophic failure of one of these car companies, in this tender environment for the economy, it's a huge blow. It could trigger a depression."

But this time they came with more than dire warnings, but also a plan of how they will remain viable and competitive.

"They need to show that they have cut all the way to the bone, that they made every effort to find every possible dollar," said Rebecca Lindland, senior automotive analyst of Global Insight.

So here's their plan: 

General Motors wants $18 billion, $4 billion of it this month so they don't go under. They promise to build 15 hybrids and cut costs by getting rid of 30,000 workers, nine plants and 1,700 dealers.

Ford wants a credit line up to $9 billion and says it plans to move quickly on building hybrids and battery powered vehicles. They'll also sell Volvo and 600 dealers.

In addition, Ford's CEO says he'll work for a dollar if they get the bailout money.

Chrysler wants $7 billion and plans to have 24 new products by 2012, including hybrid-electric drive vehicles. The company also plans to cut 25 percent of its work force.

Meanwhile Wednesday, outside of DC and in anticipation of Thursday's hearing, auto dealer employees rallied for the federal bailout money.

Pelosi: Bankruptcy is Not an Option

The good news for the Chrysler president and autoworkers is that it looks like - somehow, someway - they'll get bailout money from Washington.

"An intervention will happen either legislatively or from the administration. I think it's pretty clear: bankruptcy is not an option," House Speaker Nancy Pelosi said. And those fancy CEO corporate jets aren't an option either.

The automaker big wigs will drive to Capitol Hill Thursday, not fly in private company planes like they did when they came here a few weeks ago. Welcome to the recession of 2008.

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