Humbled and fighting for survival, Detroit’s once-mighty automakers appealed to Congress with a retooled case for a huge bailout Tuesday, pledging to slash workers, car lines and executive pay in return for a federal lifeline. GM said it wouldn’t last till New Year’s without an immediate $4 billion and could drag the entire industry down if it fails.
General Motors Corp., asking for as much as $18 billion to keep afloat and survive even worse economic storms, painted the direst portrait to date of what could happen if Congress doesn’t quickly step in.
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