WASHINGTON, Dec. 4 -- Plans for energy-efficient cars, fewer showrooms and shared sacrifice were aired Thursday by the three U. S. automakers seeking emergency funding from Congress.
Chief executives told the U. S. Senate Banking Committee that they needed bridge financing to help them whether tough financial times brought on by the swooning U. S. economy, telling the panel that they would agree to be subject to a decision-making, proactive, government-appointed board that the Government Accounting Office recommended.
All three auto executives pledged to cut costs and share concessions across all constituencies, as well as explain that they needed a bridge loan now to avoid potential collapse.