The new chief of General Motors Corp. said Tuesday that the struggling automaker will likely shutter more U.S. plants and cut jobs as it embarks on a "deeper" company restructuring.

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General Motors acknowledged Thursday that its survival is in "substantial doubt" outside of bankruptcy unless it halts losses and stops burning cash, according to auditors.

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General Motors Corp. announced Thursday that it lost nearly $31 billion in 2008, saying its auditors were likely to cast doubt on its viability as it seeks more federal aid to stay afloat.

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President Barack Obama unveiled a $75 billion plan to ease the mortgage crisis that helped trigger the country's economic crisis. Kwame Holman reports on the president's announcement and other economic news of the day.

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Nine weeks after automakers made their first plea to Congress for emergency aid, General Motors and Chrysler submitted new restructuring strategies and requests for additional federal funds that could bring the government's total tab to $39 billion.

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One day before General Motors and Chrysler are required to submit restructuring plans to Congress, it was widely reported that President Barack Obama has decided to scrap plans to appoint a "car czar" who would oversee the automakers' restructuring.

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Ford, Toyota, Nissan, General Motors and Chrysler all posted record lows in their January sales reports Tuesday. The declines come at the end of a stretch of 15 months of plummeting sales that bring the companies' total losses near a…

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December marked another dismal month for automakers with new figures showing overall sales declines of more than 30 percent as the U.S. auto industry continues to struggle amid the economic downturn.

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President Bush has unveiled a $17 billion automaker rescue plan that will force the companies to restructure in order to remain competitive. A White House economist and a congressman debate the package.

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The Bush administration announced a rescue plan for the sinking U.S. auto industry Friday, offering $17.4 billion in loans conditioned on concessions from carmakers and a return to viability by March 31.

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