GM, Chrysler Seek More Government Aid

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CBNNews.com - General Motors and Chrysler are asking the government for billions of dollars in additional government loans.

They have already received more than $17 billion dollars from the government, but the automakers say that's just not enough.  They now want $39 billion.

"Supporting GM's viability, we believe, is a sound investment for U.S. taxpayers and one that will be repaid," said GM Chairman & CEO Rick Wagoner.

White House:  Automakers May Need To Declare Bankruptcy

The White House says if automakers can't consolidate into viable companies, they may need to declare bankruptcy.

But the companies say declaring bankruptcy would be a big mistake.

"We continue to believe that bankruptcy would be a highly risky and very costly process, potentially very time consuming, that should only be undertaken as a last resort," Wagoner explained.

Tens of thousands of jobs are on the line.

GM's plan for sustainability includes laying off up to 47,000 workers, closing five plants and cutting pay for the remaining workers.

Chrysler is considering slashing 3,000 jobs and getting rid of three vehicle models.

Workers Wondering, Waiting

Workers at a Chrysler truck plant in Warren, Michigan are concerned their jobs may be on the line.

"Just wondering, if we got a job tomorrow morning," one worker said. "Pay cuts and all that stuff. So, a little bit worried."

"I am worried," another plant worker said. "I've never been worried. So, I know it's serious."

But workers at plants across the country are trying to stay optimistic.

"I'm walking on egg shells right now," one worker explained. "I don't know what's going to go on. So, hopefully the best. We've got our fingers crossed."

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Sarah Hoffman

Sarah Hoffman

CBN News Reporter

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