Automakers say bailout is do or die

DETROIT, Dec. 3 (UPI) -- U.S. automakers are in a do-or-die situation, pleading with Washington lawmakers for as much as $38 billion in federal bailout loans, a top executive said.

"There is no plan B," Fritz Henderson, General Motors president and chief operating officer said in a The Washington Post report Wednesday.

Automakers increased their requests from the $25 billion they requested two weeks ago, GM claiming it needed $4 billion before the end of the month and $12 billion by March.

Ford Motor Co. asked for $13 billion as a safety net, saying it would use the funds if the economy slows further. Chrysler LLC asked for $7 billion.

But, lawmakers are concerned the money won't be tossed at sinking ships. The companies needed business plans "worthy of support that the taxpayers will invest in," House of Representatives Speaker Nancy Pelosi, D-Calif., said.

GM said it would sell Saab and could sell Saturn. It would focus, instead on Chevrolet, Cadillac, GMC and Buick brands, using Pontiac for a niche market, the Post said.

GM also said it would close nine plants and cut 20,000 jobs. GM dealerships would be reduced to 4,700 from the current 6,450.