"We have to figure this out. Not sustainable. Not happy about this. Not going to write a blank check," said Senator Christopher Dodd (D) Connecticut. The Senate Banking Committee Chairman not only expects answers from the CEOs of GM, Chrysler, and Ford, he expects specifics.
Ford was the first to unveil their new and improved business plan. It includes accelerating plans for electric cars, as well as Ford's CEO agreeing to work for one dollar a year.
GM's plan is expected to contain the most significant restructuring and downsizing, including the possible elimination of some well-known brands, while Chrysler is expected to propose cutting 25-percent of their workforce.
There is a lot of anxiety in Detroit this week, where federal aid is seen as critical to the industry's very survival. "The big 3 are putting a lot of programs on the back burner. If the cash stopped flowing we can't pay our suppliers," said Tom Barr with TK Bold Engineering.
Hearings are scheduled to begin Thursday and the CEOs are making travel plans that do not include corporate jets this time.
-----------------------------------------------------------------------------------------------
abc30 News Links:
Links to other news sections on our website.
- HomePage
- Top Headlines
- Fresno Local News
- State News
- National/World News
- Entertainment News
- Business News
- Politics News
- Sports News
- Health Watch
- Consumer Watch
- Mr. Food
Breaking News Alerts:
Click Here to Sign-Up for Breaking News E-Mail Alerts
Receive Breaking News alerts in your email inbox.
Click Here to Sign-Up for Text Message Alerts
Receive Breaking News alerts right on your cell phone.
-----------------------------------------------------------------------------------------------
