Chastened U.S. car chiefs beg for billions

By Thomas Ferraro

WASHINGTON (Reuters) - Having grounded their luxury jets and agreed to work for $1 (68 pence) a year, the heads of the "Big Three" U.S. automakers dropped arrogance for humility on Thursday in a new plea for federal help to survive.

"We're here today because we made mistakes, which we are learning from," General Motors Chairman and CEO Rick Wagoner testified at a hearing of the U.S. Senate Banking Committee.

CEO and President Alan Mulally of Ford, a company once synonymous with American industrial might, told the committee: "I have thought a great deal about the concerns you expressed. I want you to know I heard your message loud and clear."

Mocked for coming to congressional hearings last month on private aircraft and without detailed plans to revitalize their companies, the heads of General Motors, Ford and Chrysler made the 550-mile (885-km) trip from Detroit to Washington this time in hybrid vehicles packed with plans for action.

After being pushed for personal sacrifices, they also agreed to work for $1 a year if lawmakers approve their proposals for a total of $34 billion in emergency government assistance.

There were no assurances what, if any, money would be approved.

U.S. lawmakers fear that if the auto giants collapse, it would worsen the economy. But many are also reluctant to approve another rescue plan in wake of the $700 billion package they passed for Wall Street in October that generated plenty of voter backlash in the November 4 congressional elections.

"No matter how important the autos are to our economy, we don't want to put good money after bad," President George W. Bush told NBC News. "We want to make sure that the plan they develop is one that ensures their long-term viability."