US big 3 meet again

Last month, 3 US auto giant GM, Ford and Chrysler approached Congress begging for 25Bn$ bailout package for their package. But somehow Congress were not pleased by the request of 3 auto makers, but they were shown the door and asked to come again, but with some concrete plan. Plan containing Company's future vision, company strategies to curb revenue.

Today, 3 US makers come again to meet US congress with their plans. The plan includes salary cut of top executives, sale of corporate jets, while at the same time GM also proposed to sell off its two brands- Pontiac and Saturn.

But at the same time, the auto makers also raised their request for bailout package. GM demanded somewhere around 18Bn$ while Ford demanded somewhere around 9Bn$.

Though in order to maintain desirable employment level in the country, it seems that Congress may sanction the bailout amount to ailing US auto firms. But before they sanction the money they should ask these auto giants for somewhat more concrete plans, and also raise the question how these firms will return the tax payers money, which they are demanding for. Until and unless, these questions are answered Congress should hold their decision of bailing out these firms.

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Thanks&Regards,
Mohit