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Big 3 leaders head to Washington
Comments 0 | Recommend 0WASHINGTON D.C. (NEWSCHANNEL 3) - Leaders of the Big 3 head to Washington Tuesday to make another plea for help.
Ford, GM and Chrysler are trying to convince the government that they need the money to stay out of bankruptcy.
This is happening amid many calls to let the companies go under, but the Big 3 say that would have a lasting negative impact on America.
The last time they tried to plead poverty, their calls fell flat when they rode their private jets to Washington. This time none of the CEO's are doing that. Ford's head is even driving to Washington.
Congress had asked the automakers for a plan and that's what they're submitting Tuesday.
Each company will provide separate reports that are probably going to detail cutting CEO pay, refinancing debts and getting some union concessions as well as selling off their brands.
This comes amid greater calls for help, not just from the automakers, but their suppliers as well.
"The supply industry includes over 100 companies in Michigan, that translates into tens of thousands of jobs," said Macomb County Representative Kim Meltzer.
Automakers are to present business plans to Congress. They will appear before congressional committees on Thursday and Friday.
The UAW is also asking the government to help the automakers, but its head, Ron Gettelfinger, was quick to point out that the $25 billion the government would give to the automakers would not be a bailout, but a bridge loan.
In an effort to get some cash Ford is considering selling a foreign car line. They are looking for someone to buy Volvo. The company says selling the Swedish automaker could take several months.
The Swedish government has been talking with leaders at Volvo and General Motors' Saab unit in light of the bailout talks in the U.S.
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