December 2, 2008 Big Three auto makers present plans to Congress Play video

(Peter Howe, NECN) - CEO's of the Big Three automakers continue their push for 25 billion in federal help. On the same day automakers reported dismal sales results, Ford, GM and Chrysler presented congress with restructuring plans, and new details on how they would use federal funding.

Pelosi: Until they can show us the plan, we can not show them the money.

That was the ultimatum house speaker Nancy Pelosi gave the big three car makers ... After their disastrous trip to Washington last month seeking a 25 billion dollar bailout. Now they're showing the plan

It includes sharp cuts in executive pay, refinancing debt, and big investments in more fuel efficient and battery-powered cars. Also, still more pay and benefits concessions from autoworkers

Ford's promising to sell off five corporate airplanes, award no management bonuses or merit increases in 2 thousand 9, cut over 600 dealerships, and slash its supplier base by half

Ford is also planning to spin off or sell its money-losing Volvo division.

GM wants to phase out or divest brands like Pontiac, Saturn, and Saab.

And you remember all that grief the big three CEO's got about flying their corporate jets down to Washington? Well, they learned something about pr. General Motors chief executive Rick Wagoner's going to take a Chevy Malibu hybrid and drive it 520 miles from Detroit to Capitol Hill 34 miles to the gallon.

Ford CEO Alan Mulally's in a hybrid escape. Citing

security concerns, Chrysler won't say how its chief, Bob Nardelli, will travel to congressional hearings Thursday and Friday -- only that he won't be in a thirty million dollar private jet.

The hearings come as Detroit -- but Japanese car makers too -- are in a US sales free fall.

November sales were down 41 percent from a year earlier at general motors, 31 percent at Ford, 32 at Honda, 34 at Toyota.

Chrysler sales plunged 47 percent, but 11 percent of that was from planned cuts in fleet sales.

GM and Chrysler have heard many argue that only a chapter 11 bankruptcy restructuring can truly reform the companies long term

But treasury secretary Henry Paulson said the economy, and especially manufacturing, are too fragile right now.

Paulson: I certainly don't believe and no one in our administration believes that bankruptcy of a US automaker would be a good thing right now….We need a solution that avoids bankruptcy but it's got to be leading to a viable industry.”