GM says it will need an additional $16 billion in federal aid to stay afloat, the Detroit News reports. The automaker laid out its restructuring plan for the Obama administration today, requesting $2 billion next month and another $2.6 billion in April to avoid bankruptcy. GM also will shed 47,000 jobs worldwide this year, including 20,000 in the US. The company will shut five more American plants as part of its plan to return to profitability in two years.
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