Automakers Head Before Congress

In other news:The heads of the big three US automakers will go before Congress today to ask for 34 billion dollars...General Motors, Chrysler and Ford have submitted their survival plans this week which includes canceling bonuses and working for one dollar a year...Kathryn Brown reports from Washington.General Motors future rests on two things, the electric Chevy Volt and a Congressional bailout.Today CEO Rick Wagoner drove up in one to ask for the other...Wagoner hopes the prototype Volt -- paired with a new business plan-- will help convince Congress his company is focused on the future, and worthy of a multi-billion dollar loan it needs by the end of the month to stay in business.He, and his counterparts from Ford and Chrysler, are back on Capitol Hill to ask for a total of up to 34-billion dollars to keep America's auto industry on the move.GM CEO Rick Wagoner says, ''I think it's very important for the US to have a home team in this global auto industry. We're gonna be changing technologies like the one we see here and it would be a shame for the US to fall out of that race.''In exchange for the bailout -- the Big Three CEO's promise to cut their own salaries to a dollar, slash costs, and rush more fuel efficient cars to dealer lots. But that may not be enough to convince lawmakers that Detroit deserves billions of taxpayer dollars.Alabama Senator Richard Shelby says, ''Do the additional changes they propose go far enough to insure that taxpayer dollars are being used to transform an industry and not just prop up a failed business model?''The automakers got some help making their case -- from the United Auto Workers union. UAW leaders agreed to a new round of concessions and cost-cutting.But there could be more trouble ahead for some of the quarter-million people employed by the auto industry. Even if Congress says yes to the bailout -- the big three are expected to cut thousands of jobs.Kathryn Brown, CBS News, Washington.



 


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