U.S. car execs plead for bailout

By John Crawley and Kevin Drawbaugh

WASHINGTON (Reuters) - U.S. carmaker executives warned Congress on Tuesday that their industry was teetering on the brink of disaster as they pleaded for a $25 billion (16 billion pounds) aid package despite political opposition to another multibillion-dollar government bailout.

The hearings come as government and business officials around the globe decide if, and how, they should commit billions of taxpayer dollars to bolster struggling automakers.

Rick Wagoner, the head of General Motors Corp, bluntly told the Senate Banking Committee why the executives were there.

"This is about much more than just Detroit," Wagoner said in his testimony. "It's about saving the U.S. economy from a catastrophic collapse."

The hearings came a day after Senate Democrats proposed to bail out the ailing industry with $25 billion in loans.

The weakened economy and global credit crisis pushed the U.S. government into bailing out companies including insurer American International Group Inc; investment bank Bear Stearns; and mortgage companies Fannie Mae and Freddie Mac.

Wagoner; Robert Nardelli, head of Chrysler LLC; Alan Mulally, CEO of Ford Motor Co; Ron Gettelfinger, head of the United Auto Workers union; Michigan Sen. Debbie Stabenow and economist Peter Morici all testified on Tuesday.

For the first time, the CEOs confirmed how much they are asking from the government. General Motors is seeking between $10 and $12 billion, Ford is seeking roughly $8 billion and Chrysler would get $7 billion.