Automakers send proposal to Congress
Issue date: 12/3/08 Section: News
1WASHINGTON (AP) - Detroit's automakers, making a second bid for $25 billion in funding, are presenting Congress with plans Tuesday to restructure their ailing companies and provide assurances that the funding will help them survive and thrive.
General Motors Corp., Ford Motor Co., and Chrysler LLC would refinance their companies'debt, cut executive pay, seek concessions from workers and find other ways of reviving their staggering companies.
U.S. automakers are struggling to stay afloat heading into 2009 under the weight of an economic meltdown, the worst auto sales in decades and a tight credit market. General Motors, Ford and Chrysler went through nearly $18 billion in cash reserves during the last quarter, and GM and Chrysler have said they could collapse in weeks.
Top executives from the Big Three failed last month to convince a skeptical Congress that they were worthy of $25 billion in loans. House Speaker Nancy Pelosi, D-Calif., and Senate Majority Leader Harry Reid, D-Nev., ordered them to outline major changes, including the elimination of lavish executive pay packages and assurances that taxpayers would be reimbursed for the loans.
All three companies are filing separate plans. Congressional hearings are planned for Thursday and Friday.
India demands Pakistan hand over terror suspects in wake of Mumbai attacks
2MUMBAI, India (AP) - India picked up intelligence in recent months that terrorists were plotting attacks against Mumbai targets, an official said Tuesday, as the government demanded that Islamabad hand over suspected terrorists believed living in the Pakistan.
A list of about 20 people including India's most-wanted man - was submitted to Pakistan's high commissioner to India on Monday night, said India's foreign minister, Pranab Mukherjee.
India has already demanded Pakistan take "strong action"against those responsible for the attacks, and the U.S. has pressured Islamabad to cooperate in the investigation. America's chief diplomat, Secretary of State Condoleezza Rice, will visit India on Wednesday.
General Motors Corp., Ford Motor Co., and Chrysler LLC would refinance their companies'debt, cut executive pay, seek concessions from workers and find other ways of reviving their staggering companies.
U.S. automakers are struggling to stay afloat heading into 2009 under the weight of an economic meltdown, the worst auto sales in decades and a tight credit market. General Motors, Ford and Chrysler went through nearly $18 billion in cash reserves during the last quarter, and GM and Chrysler have said they could collapse in weeks.
Top executives from the Big Three failed last month to convince a skeptical Congress that they were worthy of $25 billion in loans. House Speaker Nancy Pelosi, D-Calif., and Senate Majority Leader Harry Reid, D-Nev., ordered them to outline major changes, including the elimination of lavish executive pay packages and assurances that taxpayers would be reimbursed for the loans.
All three companies are filing separate plans. Congressional hearings are planned for Thursday and Friday.
India demands Pakistan hand over terror suspects in wake of Mumbai attacks
2MUMBAI, India (AP) - India picked up intelligence in recent months that terrorists were plotting attacks against Mumbai targets, an official said Tuesday, as the government demanded that Islamabad hand over suspected terrorists believed living in the Pakistan.
A list of about 20 people including India's most-wanted man - was submitted to Pakistan's high commissioner to India on Monday night, said India's foreign minister, Pranab Mukherjee.
India has already demanded Pakistan take "strong action"against those responsible for the attacks, and the U.S. has pressured Islamabad to cooperate in the investigation. America's chief diplomat, Secretary of State Condoleezza Rice, will visit India on Wednesday.
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