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Deadline Looms for Detroit; Much at Stake (Visit this link)
Chris Isidore from CNNMoney.com: On Tuesday, General Motors and Chrysler LLC have to submit plans to the government that show how they plan to turnaround their troubled companies. It won't be an easy task. The two struggling automakers, which received approval for $17.4 billion in federal loans in December ($13.4 billion for GM and $4 billion for Chrysler) are required by the terms of their agreement to show that they can be viable for the long-term. Otherwise, the government could recall the loans. Both companies submitted turnaround plans to Congress in December when they were first seeking federal assistance - but conditions have gotten considerably worse in just two months. Auto sales in January were terrible, with the industry reporting a seasonally adjusted annual sales pace, or SAAR, of only 9.5 million cars and light trucks, the worst in 26 years.
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