Big Three return to Capitol Hill

WASHINGTON, D.C. (WIVB) - Leaders of the Big Three automakers are making their case for up to 34 billion dollars in loans to help them deal with the money meltdown.

The Chief Executive Officers say without the bailout one or more of the automakers could collapse by the end of the month.

Harshly criticized for flying on corporate jets two weeks ago, Thursday the heads of the Big Three United States auto makers drove to Washington in hybrid or electric vehicles.

General Motors Chairman and Chief Executive Officer Rick Wagoner said, "Well, I think we put forth a very good plan. We look forward to the chance to explain it and answer questions on it and certainly hope we'll get the support we're asking for."

They're asking for a 34 billion dollar bridge loan and submitted detailed plans on how they'll use the money.

Without help, GM and Chrysler say they'll run out of cash by the end of the year.

Chrysler Chairman and Chief Executive Officer Robert Nardelli said, "As consumer confidence fell and credit markets remained frozen, the lowest US auto sales in more than twenty years has put tremendous pressure on our cash position."

Two weeks ago, their request of 25 billion dollars was denied.

They say this time is different.

Ford President and Chief Executive Officer Alan Mulally said, "Since the last hearing I have thought a great deal about the concerns that you expressed. I want you to know I heard your message loud and clear."

The CEOs say they'll make commitments to new technologies, more fuel efficient vehicles, reduce the number of brands and dealers, be more labor competitive, and reduce executive and board compensation.

All three CEOs say they'll each work for a dollar a year if they get the bridge loan.

The United Auto Workers union says it's also willing to make concessions to help the Big Three avoid bankruptcy.

Senator Christopher Dodd (D-Connecticut) said, "We must insist that if they are going to be backed by the American taxpayer they owe it to those same taxpayers to make vehicles in a far more environmentally and economically sound manner."

The top Republican on the Senate Banking Committee told the CEOs if they made this presentation to get a bank loan, any sensible banker would turn them down.

There will be rallies all over the country Friday in support of the Big Three.