Chrysler and the United Auto Workers have reached an agreement that will allow the automaker to receive more federal funding. The deal eliminates some of the non-salary benefits the autoworkers had earned over the years, but even with these concessions it is likely that Chrysler will still seek Chapter 11 bankruptcy reorganization. Also in the deal is a partnership with Italian automaker Fiat, a collaboration which the U.S. government ordered.
Also in the news GM is expected to unveil its own federally-mandated reorganization plan. One unexpected item in the works? The shuttering of the company's storied Pontiac brand. To talk us through all of this upheaval in the car world is Micheline Maynard, senior business editor for the New York Times Senior Business Correspondent in Detroit.