Detroit's Big Three automakers, begging Congress for a $25 billion bailout to help their teetering companies, told lawmakers today that without $25 billion in loans from the government, millions of people will lose their jobs as their demise ripples across the economy.
In Shreveport, hundreds of former and current General Motors workers -- both management and rank-and-file -- rallied outside the gates of the truck assembly plant, calling for the federal bailout.
The rally began after the lone remaining shift at the plant ended. GM earlier this year cut the evening shift, idling about hundreds of workers.
"The cost of allowing this industry to fail would be catastrophic," assistant plant manager Mike Pearton said. "This level of economic devastation far outweighs the $25 billion our industry needs to bridge this current period."
"The economy is bad. Desperate times call for desperate measures," autoworker Alex Santana said. "And brothers and sisters, make no mistake about it -- these are desperate times."
The new rescue plan appears stalled. The Bush administration and Republicans in Congress don't want to dip into the Treasury Department's $700 billion financial bailout program.
GM CEO Rick Wagoner told the Senate Banking Committee the problem does not stem from mismanagement or lack of vision on the part of the industry, but is the direct result of the global financial meltdown. Wagoner said the U.S. auto industry needs "a bridge to span the financial chasm."
