Associated Press
 
December 1, 2008
 
WASHINGTON -- The CEOs of the Big 3 automakers go back before Congress this week to make their case for at least $25 billion in loans, and in advance of that, they're submitting reports spelling out the need for the bailout.
 
GM is telling Congress that it needs $12 billion in government loans to keep operating. The company says its collapse could have "severe, long-term consequences to the U.S. economy."
 
GM says it will seek up to $18 billion. That will include $12 billion in loans, and a separate $6 billion line of credit.
 
GM says it will take significant steps by 2012 to restructure, including a reduction of 20,000 to 30,000 workers and nine plants. And it will seek concessions from the United Auto Workers.
 
GM CEO Rick Wagoner says he'd work for $1 a year. A similar pledge came from Ford CEO Alan Mulally.
 
Ford will be telling Congress that it plans to return to a pre-tax profit or a break-even point in 2011. Mulally says Ford will seek $9 billion as its share of the loan money, but may not need to use it.
 
Chrysler says that without a federal loan, its cash could fall below the minimum amount required to run
the company in the first quarter of next year. The company said that it would seek $7 billion from the government by Dec. 31.
 
It also says that CEO Robert Nardelli already gets a $1 per year salary from Chrysler and receives no health care or other benefits.
 
Chrysler LLC also says it did not pay salaried workers merit raises or performance bonuses this year and doesn't intend to pay them in 2009.