GM Asks Government for $18 Billion

By Ken Thomas

WASHINGTON -- General Motors (GM Quote) says it needs $4 billion in government loans this month and a total of $12 billion by late March to keep operating. The troubled automaker plans to slash its numbers of workers, vehicle brands and plants by 2012.

Altogether, the auto giant is seeking up to $18 billion in government funding -- including a $6 billion line of credit in case market conditions worsen.

The company would focus on four brands -- Chevrolet, GMC, Buick and Cadillac. By 2012, the plan calls for 20,000 to 30,000 fewer workers, a reduction of nine facilities and 1,750 fewer dealers.

GM CEO Rick Wagoner is offering to work for a dollar a year, and top executives will take major pay cuts.