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US Automakers Submit Rescue Plans to Congress


The big three U.S. car makers say their November sales were the worst in 26 years as they ask Washington for billions of dollars in loans to stay in business.

General Motors, Ford, and Chrysler sent Congress detailed plans Tuesday on how they plan to spend more than 25-billion dollars the are requesting in taxpayer money.

All three say they will start focusing on energy-efficient hybrid and electric cars after years of building trucks and large vehicles, which became unpopular in the age of high gas prices and fears over global warming.

General Motors says it needs as much as 18-billion dollars to keep running. It plans to cut jobs, executive pay, and shareholder dividends.

Chrysler is asking for seven-billion dollars, saying its entire workforce will make sacrifices.

Ford says it is in the best position financially, predicting it will turn a profit by 2011. Its chief says he will cut his salary to one dollar a year and says the company will slash executive bonuses and union wages.

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