General Motors, Ford and Chrysler to Present New Plan to Congress in Hopes of Securing Emergency Loans

Heads of General Motors, Ford and Chrysler will be back before Congress with a plan to cut costs at their distressed companies in order to secure emergency loans in an effort to avoid collapse.

Known as the Detroit Three, the U.S. automakers already made a plea for cash but Congress sent them back empty handed following concern that the three had no firm plan in place that would ensure there would be efforts to cut costs and use the money effectively.

GM CEO Rick Wagoner, Chrysler CEO Robert Nardelli and Ford CEO Alan Mulally were criticized following their last appearance before Congress, taking a beating for their arrival in private jets while claiming their companies were taking devastating losses.

Congress refused to grant the $25 billion in emergency loans, telling the three they would have to come back and this time Wagoner and Nardelli are said to be flying commercial while Mulally is driving a Ford hybrid to Washington.

Click here for more Business News

About YourFINDit

YourFindit Community is a business, music and social networking community. YourFINDit provides members with a wealth of applications that enable them to create an in depth profile within YourFindit. Profiles include an About Me, Background and Lifestyle, Videos, Photo sharing, News, Music, Blogs, unique URL and networking with other members inside the YourFINDit community. YourFindit provides ADit to each member providing them the opportunity to have an exclusive profile (no outside advertising) displaying only banner ads they upload to their pages. Members can run their own ads or give or sell their ad space to advertisers at prices the member sets.

To create your profile sign up and within minutes you too can have your People profile running your ads and building your network with new members daily.

YourFindit is owned and operated by TransWorldNews, Inc. a news and press release distribution service.

YourFindit profile where Your space is really Your Space