As predicted, like clockwork, Chrysler and GM are begging for another bailout.

Chrysler asks govt for $5 billion more in loans

Chrysler LLC on Tuesday told the U.S. government it needs even more taxpayer money to survive. General Motors is expected to do the same. Acknowledging that industry conditions are worse than expected when it made the case in December for a government bailout, Chrysler requested an additional $5 billion in government loans. It originally said it would need $3 billion more. The company had previously received $4 billion from the Treasury Department.

GM needs up to $30 billion in aid to avoid failure

General Motors Corp (NYSE:GM - News) said on Tuesday it could need a total of up to $30 billion in U.S. government aid — more than doubling its original aid — and would run out of cash as soon as March without new federal funding.

The request for additional aid from the top U.S. automaker came in a restructuring plan GM submitted to U.S. officials on Tuesday.

The GM restructuring plan of more than 100 pages was posted on the U.S. Treasury Web site

See also:
Chrysler Restructuring Plan for Long-Term Viability
General Motors Corporation 2009 – 2014 Restructuring Plan

Chrysler has already received $4 billion and is now asking for an additional $5 billion after originally estimating that they would need $3 billion. GM has already received $13.4 billion and is now asking for an additional $30 billion after originally estimating that they would need $18 billion.

Will Obama stop the craziness? Hell no, GiddyUp!

Obama to appoint panel for auto recovery

It will take more than one “car czar” to help get the embattled U.S. auto industry back on track, President Barack Obama has decided.

Instead, his administration is establishing a presidential task force to direct the restructuring of General Motors Corp. and Chrysler LLC, a senior administration official said Sunday night.

Treasury Secretary Timothy Geithner and National Economic Council Director Lawrence Summers will oversee the across-the-government panel, the official said, speaking on the condition of anonymity because no announcement has been made.

/so, assume the position and prepare to bend over again for the Detroit Duo and the UAW!