General Motors Corp. (GM) and Chrysler LLC presented their highly anticipated restructuring plans yesterday (Wednesday), but said they would need as much as $22 billion in additional federal aid to keep their turnaround efforts from stalling.

With $17.4 billion owed to the U.S. government amid falling auto sales, General Motors Corp. (GM) and Chrysler LLC may be forced into bankruptcy to reassure loan repayment.

Ford Motor Co. (F) insists it can survive through 2009 without federal loans despite a $5.9 billion fourth quarter loss and burning through over 40% of its cash on hand. 

U.S. companies that make and supply auto-parts to major carmakers are pleading for a bailout from Washington, as many are now on the verge of declaring bankruptcy. Auto-parts companies may seek between $10 billion and $12 billion in cash and guarantees from the federal government as soon as this week.

President-elect Barack Obama’s transition team is reportedly putting the finishing touches on an economic recovery plan that could run from $675 billion to $1 trillion, though many experts believe the program will most like range between $700 billion and $800 billion.

Dollar slides across board, hits 2-mth low vs euro… Dollar hits 2-mth low vs basket of currencies… Focus on fate of U.S. automakers, Fed rate decision

Job market takes another turn for the worse… unemployment data at 26-year high… Government solution:spend… budget and trade deficits swell more than expected… Byron King on falling oil demand… and what it means for long-term investors… Gold soars… Ed Bugos with some fresh price targets… Signs of the times… Chinese bank opens in U.S., world’s biggest LBO collapses… Plus, Chris Mayer on the automaker bailout