GM Wants More Bailout Money or "Will Go Bust"
General Motors warns that it will go bust unless it gets at least $3.5 billion more in federal cash, on top of the $16 billion it's already received. That's only for 2009: GM is asking for $2.3 billion more by 2014.
Even with 47,000 more projected layoffs, there is still no guarantee that GM will remain viable and not default on its debts.
In other words, the Detroit giant is currently a zombie company, and may just be a money pit.
GM has so far received $13.4bn (£9.5bn) in treasury loans and a further $1.6bn in other government loans. Today , effectively holding a gun to the government's head, it said it could default on this $15bn if it did not receive a further cash injection.
It is seeking a total of $30bn from the Obama administration after racking up $82bn of losses in the last three years, including $31bn last year.