David Zalubowski / AP Photo
Please Mr. President, can they have some more? Union leaders and bondholders of the General Motors and Chrysler negotiated deep into the night in an effort finalize plans to curb productions, eliminate jobs, and scale back their own brands to acquire more federal aid and stay afloat until March. Among the hurdles overcome to be presented to President Obama later today: GM is unable, thus far, to find buyers for their Hummer and Saab lines; Chrysler's rumored partnership with Fiat is far from certain; and local ownership groups are resisting dealership closures. GM is already set to receive $13.4 billion in federal loans, while Chrysler has claimed $4 billion, yet is seeking an additional $3 billion to turn their processes around, reports The Washington Post. "We have to ensure that the cars of tomorrow are built here by Americans, for Americans," White House Press Secretary Robert Gibbs said yesterday.