GM Bailout Plan...and the others too.

GM is out with their plan and critic's are already saying it will not work. In it GM vows to cut 31,000 jobs, close nine plants and rid themselves of 1,750 dealers.

GM hopes the plan will convince lawmakers to give it up to $18 billion from the government: $12 billion in loans, including $4 billion by the end of December, and a separate $6 billion line of credit in case market conditions worsen.

"Absent such assistance, the company will default in the near term, very likely precipitating a total collapse of the domestic industry," GM officials said, contending its collapse would have "a ripple effect that will have severe, long-term consequences to the U.S. economy."

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