Dec. 2nd was filled with news from the auto industry as Detroit’s Big 3 submitted their business plans to Congress in hopes of getting federal loans totaling $25 billion. It turns out that the Big 3’s appeal for loans go beyond the $25 billion. According to Automotive News, GM, Ford and Chrysler are all asking Congress to approve loans and credit lines that total $34 billion.
GM is seeking the most with a total of $18 billion - up from its original request of $10 billion or $12 billion in November. The General says that it needs a total of $12 billion by March, $4 billion of which it needs by Dec. 31 or it will be risking going under. The company said it will seek...
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