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Last updated on Friday, December 5, 2008
(WASHINGTON, DC) - The first day of the second round of testimony on Capitol Hill from Detroit’s auto executives is over, and now it comes down to the willingness of congress to make a decision on an emergency loan package for the Motor City.
Our partners at Fox News report the automakers are willing to accept additional strings for a bailout package, even a possible merger between General Motors and Chrysler.
Some senators continued to push for a pre-packaged bankruptcy, where the auto companies would negotiate with creditors and then file bankruptcy, but Rick Wagoner, Alan Mulally and Bob Nardelli, Detroit's auto leadership, are adamantly opposed to that since a bankruptcy of any sort would erode already poor consumer confidence, and possibly cause the complete closure of the affected company.
However, Detroit News columnist Daniel Howes says Wagner, GM's CEO, has already admitted "The General's" Plan B is bankruptcy.
Wagoner has testified that gm needs $4 billion before the end of this year to pay bills and keep their lights on.
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