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锘?!DOCTYPE html PUBliC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"><html xmlns="http://www.w3.org/1999/xhtml"><head><title>Automakers Pledge Restructuring in New Bid for Loans - VOA Standard English In 2008</title><meta http-equiv="Content-Type" content="text/html; charset=utf-8" /><meta content="all" name="robots"/><meta content="VOA Standard English In 2008, Automakers Pledge Restructuring in New Bid for Loans" name="description" /><meta content="VOA Standard English In 2008" name="keywords" /><link rel="stylesheet" type="text/css" href="/images/style.css" /><link rel="stylesheet" type="text/css" href="/images/text-small.css" title="Small Text" /><link rel="alternate stylesheet" type="text/css" href="/images/text-medium.css" title="Medium Text" /><link rel="alternate stylesheet" type="text/css" href="/images/text-large.css" title="Large Text" /></head><body><div><img id="logo" src="/images/voa.gif" alt="VOA" /></div><div id="nav"><a title="VOA" href="http://www.51voa.com/"><b>缇庡浗涔嬮煶</b></a> > <a href="http://www.51voa.com/VOA_Standard_English/index.html">VOA Standard English</a> > <a href="http://www.51voa.com/VOA_Standard_1.html">VOA Standard English In 2008</a> <script type="text/javascript" src="/images/notice.js"></script></div><div id="leftMainContainer"><div id="leftNav"><div class="leftN_title">VOA Standard English</div><ul><li><a href="/VOA_Standard_1.html">VOA Standard English <img src=/images/new.gif border=0></a></li> <li><a href="/VOA_Standard_1_archiver.html">VOA Standard English Archives </a></li> </ul><div class="leftN_title">VOA Special English</div><ul><li><a href="/Development_Report_1.html">Development Report</a></li><li><a href="/This_is_America_1.html">This is America</a></li><li><a href="/Agriculture_Report_1.html">Agriculture Report</a></li><li><a href="/Science_in_the_News_1.html">Science in the News</a></li><li><a href="/Health_Report_1.html">Health Report</a></li><li><a href="/Explorations_1.html">Explorations</a></li><li><a href="/Education_Report_1.html">Education Report</a></li><li><a href="/The_Making_of_a_Nation_1.html">The Making of a Nation</a></li><li><a href="/Economics_Report_1.html">Economics Report</a></li><li><a href="/American_Mosaic_1.html">American Mosaic</a></li><li><a href="/In_the_News_1.html">In the News</a></li><li><a href="/American_Stories_1.html">American Stories</a></li><li><a href="/Words_And_Their_Stories_1.html">Words And Their Stories</a></li><li><a href="/People_in_America_1.html">People in America</a></li></ul><div class="leftN_title">VOA English Learning</div><ul><li><a href="/Word_Master_1.html">Wordmaster</a></li><li><a href="/Learn_A_Word_1.html">Learn A Word</a></li><li><a href="/Bilingual_News_1.html">Bilingual News</a></li><li><a href="/American_Cafe_1.html">American Cafe</a></li><li><a href="/Popular_American_1.html">Popular American</a></li><li><a href="/Business_Etiquette_1.html">Business Etiquette</a></li><li><a href="/Sports_English_1.html">Sports English</a></li><li><a href="/Words_And_Idioms_1.html">Words And Idioms</a></li><li><a href="/Intermediate_American_English_1.html">Intermediate American English</a></li></ul></div><div id="rightContainer"><span class="title">Automakers Pledge Restructuring in New Bid for Loans</span><div id="contentAds"><script type="text/javascript"><!--google_ad_client = "pub-3585518775245612";/* 51VOAContent */google_ad_slot = "4281465902";google_ad_width = 336;google_ad_height = 280;//--></script><script type="text/javascript"src="http://pagead2.googlesyndication.com/pagead/show_ads.js"></script></div><span id="content"><EMBED src="/path.asp?url=/200812/robinson_US_automakers_02dec08.mp3" width=280 height=40 type="audio/x-pn-realaudio-plugin" autostart="false" Controls="ControlPanel" tppabs=""></EMBED><BR><a href="/path.asp?url=/200812/robinson_US_automakers_02dec08.mp3" class="wwmp3">» Download Audio</a><BR><BR><span class="byline"> By Dan Robinson</span> <br> <span class="dateline">Capitol Hill</span><br> <span class="datetime"><em>02 December 2008</em></span><br><p><b>U.S. automobile companies suffered additional sharp losses in November, underscoring the threats facing the industry amid the U.S. recession. As VOA's Dan Robinson reports, the big three U.S. automakers have submitted details of their plans to restructure, in response to demands from members of Congress.</b><br><br>In its submission to Congress, Ford Motor Company says it will invest $14 billion in fuel-efficient technologies during the next seven years, while asking Congress for a $9 billion line of credit to help stabilize its operations.<br><br>The proposal comes ahead of a second appearance by auto executives before Senate and House committees on Thursday and Friday - testimony they hope will persuade Congress to approve emergency legislation for $25 billion in loans.<br><br>In those hearings, Ford, General Motors and Chrysler are expected to pledge other steps, such as renegotiating debt, cutting executive salaries, and selling corporate aircraft.<br><br><table class="APIMAGE" style="direction: ltr;" align="right" width="210"><tbody><tr><td style=""><img id="||CPIMAGE:584164|" alt="Speaker of the House Nancy Pelosi speaks with reporters on Capitol Hill about the crisis in the American auto industry, 2 Dec. 2008" title="Speaker of the House Nancy Pelosi speaks with reporters on Capitol Hill about the crisis in the American auto industry, 2 Dec. 2008" src="/images/200812/AP_US_Congress_Nancy_Pelosi_automakers_02dec08_210.jpg" border="0" vspace="2" width="210" height="159" hspace="2"></td></tr><tr><td style="" class="imagecaption">Speaker of the House Nancy Pelosi speaks with reporters on Capitol Hill about the crisis in the American auto industry, 2 Dec. 2008</td></tr></tbody></table>House of Representatives Speaker Nancy Pelosi said Tuesday that lawmakers are examining automaker proposals already in hand from General Motors and Ford, and she repeated Congress's insistence that the car companies demonstrate they can be viable.<br><br>"The industry must show how it will innovate and prepare to take the companies into the 21st century," she said. "It's about viability of the industry, it's about accountability to the taxpayer and it's about innovation for the future."<br><br>In its written submission, Ford said it hopes to be able to transform its operations without having to access a potential $9 billion government bridge loan, if one is approved.<br><br>Ford says it is working on improving the fuel efficiency of its cars, reducing the number of its U.S. dealerships and negotiating with the United Auto Workers union on ways to help it compete with foreign carmakers. <br><br>If auto executives can persuade Congress that they are taking needed steps, House Speaker Pelosi said congressional leaders could call lawmakers back into session to consider legislation.<br><br><table class="APIMAGE" style="direction: ltr;" align="right" width="190"><tbody><tr><td style=""><img id="||CPIMAGE:573654|" alt="Chrysler auto dealership in Redwood, California (file photo)" title="Chrysler auto dealership in Redwood, California (file photo)" src="/images/200812/AP-Chrystler-auto-dealership-in-CA-190.jpg" border="0" vspace="2" width="190" height="139" hspace="2"></td></tr><tr><td style="" class="imagecaption">Chrysler auto dealership in Redwood, California (file)</td></tr></tbody></table>However, although Pelosi said she would like to see this happen, she did not commit to such a session, and repeated her assertion that the Bush administration has authority to use funds from the $700 billion financial rescue plan to help U.S. automakers.<br><br>More bad news for car companies arrived on Tuesday in the form of sharp declines in sales numbers.<br><br>Ford said its sales of light vehicles in November dropped 31 percent, while General Motors reported a 41 percent decline for the month. 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