GM Is Out Of Cash

GM Seeks As Much As $16.6 Billion

General Motors Corp. asked the U.S. for as much as $16.6 billion in new loans, more than doubling the aid to date, and said it needs some of the cash next month to survive as it sheds brands and cuts 47,000 more jobs worldwide. Chrysler LLC, propped up like GM with federal assistance, said it’s seeking $5 billion more from the government and will shed 3,000 more positions. The automakers’ fates are now in the hands of the Obama administration, which must decide whether to give them the additional money or let them go bankrupt. Robert Gibbs, President Barack Obama’s chief spokesman, yesterday didn’t rule out forcing the companies to restructure through bankruptcy.