Congress receives Big 3 business plans ahead of hearings
Posted: 10:51 AM ET
WASHINGTON (CNN) — As the Big 3 automakers turned in financial plans to
Congress Tuesday — hoping to bolster their requests for $25 billion in bridge
loans — two more chief executives agreed to accept a salary of $1 a year.

The decision means each of the head of the Big 3 automakers would have
his salary cut to $1 if Congress comes through with a bailout package.

GM spokesman Steve Harris said CEO Rick Wagoner had agreed to accept a $1
salary. Harris didn’t elaborate.

Ford Motor Company said the salary of its CEO, Alan Mulally, would be cut
to $1 a year if Ford actually borrowed money from the government. When Mulally
appeared before the House Financial Services Committee last month, he said he
would not agree to a pay cut.

In his previous appearance before Congress, Chrysler CEO Bar Nardelli
said he would accept $1 per year in salary if it helped Chrysler obtain its
share of the rescue package.

GM plans to display some of its new high-tech cars on Capitol Hill this
week, a GM source told CNN.