Detroit's Big 3 Make Second Pitch to Congress and ask for $ 34 billion bailout.

Carmakers try to sell Congress on rescue for troubled US industry that could reach $34 billion

Detroit's Big 3 Make Second Pitch to Congress and ask for $ 34 billion bailout.
WASHINGTON (AP) -- U.S. automakers are returning to Congress for high-stakes hearings they hope will persuade skeptical lawmakers to save their troubled industry with $34 billion in emergency aid, but a top Senate Democrat wants to hand their problem to the Federal Reserve.
Two weeks after a botched attempt on Capitol Hill, repentant leaders of General Motors Corp., Ford Motor Co. and Chrysler LLC were appealing to the Senate Banking Committee on Thursday with three separate survival plans that include massive restructuring, the ditching of corporate jets and vows by CEOs to work for $1 a year.

Rumors circulating in the automotive press suggest that the companies may propose eliminating or selling off some brands (GM is widely expected to propose closing its Hummer, Pontiac, Saab, and Saturn divisions), renegotiate labor contracts to reduce costs, and cut executive pay.