Big Three Warn: 'Cost Would Be Catastrophic'

CEOs for the Big Three auto makers -- General Motors, Ford and Chrysler -- came to Capitol Hill today with an urgent appeal. Testifying before the Senate Banking Committee, the Big Three sent a clear message to lawmakers: Either pay now, or pay much more later if and when the industry collapses. "The societal costs would be catastrophic," said General Motors Chairman Rick Wagoner. "Three million jobs lost within the first year, U.S. personal income reduced by $150 billion, and a government tax... Full Story