After being grilled by Congress two weeks ago, the Big Three are submitting plans today that detail the specific uses of a potential $25 billion loan for their continued viability.
The plans will have to address the skyrocketing expenses that have brought the automakers to their knees, including labor, management, and dealer network costs, their product lineups, balance sheets, and debt structures. Congressional hearings to discuss the plans are slated for Thursday and Friday.
In the last hearing on Capitol Hill, lawmakers balked at doling out funds to the Big Three. Check out this video of Sen. Bob Corker (R-Tenn.), a member of the Senate Banking Committee, for thoughts on how the loan request might shake out.
