Automakers plead cases before House committee

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Automakers plead cases before House committee
« Thread Started on Dec 5, 2008, 7:04pm »

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Automakers plead cases before House committee
Posted: 10:49 AM ET
By Chris Isidore
CNNMoney.com
NEW YORK (CNNMoney.com) — The heads of the nation’s automakers were back on Capitol Hill Friday, making a final plea for help they argue is necessary to save them from bankruptcy and the economy from millions of job losses.

The appearance before the House Financial Services Committee is the fourth time in three weeks that General Motors chief executive Rick Wagoner, Ford Motor CEO Alan Mulally, Chrysler LLC CEO Robert Nardelli and United Auto Workers union President Ron Gettelfinger have appeared before a congressional committee to beg for billions in federal loans.

The hearing started an hour after the Labor Department reported the loss of 533,000 jobs in November, the biggest loss in nearly 34 years. The state of the economy and the ongoing credit crisis are an argument for giving the automakers some kind of help, said Committee Chairman Barney Frank, D-Massachusetts.

The committee’s Republican members expressed more reluctance to sign on to helping the industry. Some members repeated their belief that a bankruptcy filing would be a better way for the companies to become competitive. They also expressed concern about other industries and businesses that would seek help if the automakers get aid.