General Motors and Chrysler presented their repayment plans to the Treasury Department yesterday. Unfortunately in order for them to make enough money to re pay their loan they are going to have cut 47,000 jobs and close five more plants. And the kicker is that GM needs another $30 billion to survive. President Obama's new auto cabinet (that doesn't really have a ring to it) has a lot of work ahead of them. To walk us through the reconstruction plans is Nick Bunkley, reporter for the New York Times.
For more, read Nick Bunkley's and Bill Vlasic's article, Automakers Seek $14 Billion More in Aid
, in today's New York Times.