Bailouts

GM Needs $16.6B More

If the news earlier today that Chrysler is asking the government for an additional $5 billion to stay afloat was shocking, General Motors just went several billion better: The ailing carmaker, which has already received $13.4 billion in bailouts, says it may need $30 billion in total government aid to survive. As part of its turnaround plan, GM plans to shutter five more US factories and cut 47,000 jobs worldwide. The company will seek an additional $16.6 billion if the economy gets worse—but it still says it could be profitable in two years and repay its loans by 2017. Chrysler, for its part, is proposing to fire 3,000 workers and cease production on three car models. The Obama administration will now review both plans.