US car giants to ask Congress for loans

Top executives of the big three American carmakers will ask the US Congress for more than $34bn (€26.1bn) in loans today as two of them battle to survive beyond the end of the month.

Top executives of the big three American carmakers will ask the US Congress for more than $34bn (€27bn) in loans today as two of them battle to survive beyond the end of the month.

General Motors (GM), Chrysler and Ford will appear before congressional committees today and tomorrow to ask for $34bn of federal assistance after both GM and Chrysler said they were perilously low on cash.