Big Three Open to Ideas -- Including Merger

Updated from 4:13 p.m. EST

The CEOs of the Detroit automakers generally agreed Thursday to every condition a variety of lawmakers suggested -- including a potential merger of Chrysler and General Motors (GM Quote) -- if they can secure a $34 billion bailout.

But it remains unclear whether Congress can reach a bailout plan, despite detailed discussions of potential conditions and mechanisms to oversee a rescue package and even with the precarious state of GM, which says it needs $4 billion by the end of the month.

Make no mistake: The future of iconic GM, which still produces one of every five cars sold in the U.S., even though its market share has declined for years, is at the epicenter of this national discussion, and is the sole reason Congress is considering whether to meet in special session next week.

"There's no way we would be having these meetings if it were not for General Motors," said Sen. Bob Corker, R-Tenn., at one point during the nearly six-hour hearing of the Senate Banking Committee

Chrysler is privately held, while Ford(F Quote) has said it does not currently face a liquidation threat. GM is seeking a $12 billion bridge loan and a $6 billion line of credit, Chrysler wants a $7 billion loan, and Ford is asking for access to a $9 billion line of credit that it would use only if future conditions warrant.

"I don't believe GM will make it out of the end of the year, unless something changes dramatically," warned Ron Gettelfinger, president of the United Auto Workers union. "Honestly, we're down to the wire. I believe we could lose GM by the end of the month."

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