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The Big Three U.S. carmakers General Motors, Ford, and Chrysler, are fighting for their survival as the America pushes through a recession. Now they are asking Congress for a combined total of $34 billion in loans.

Today we’re tracking perspectives from the Detroit Free Press, the Wall Street Journal, Newsweek, and the Investor’s Business Daily.

In their proposals, the auto companies plan to make major spending cutbacks in exchange for the loans.

This includes cutting jobs, factories, as well as GM’s chief executives reducing their salaries to just $1 in 2009.

The Detroit Free Press details further plans to sell off corporate planes.

“The CEOs of Detroit’s Three automakers came under fire last month for flying to Washington in separate corporate jets to request federal loans to help them survive the economic downturn and severe drop in auto sales.”

“GM will shutter its Metro Airport operations effective Jan. 1 and said it is working with the airport to seek a tenant for the balance of the lease which expires in 2009.” (Detroit Free Press)

But The Wall Street Journal’s William McGurn says corporate jets are among the least of Detroit’s problems.

A greater threat is wasteful healthcare plans for company employees.

He pleas to General Motors, “If you would only use your platform to point out how Congress could change this by making our tax laws more equitable and our nation's health plans more portable, you'd be worth a whole fleet of Gulfstream planes.” (The Wall Street Journal)

Newsweek talks about the possibility of the Big Three becoming the Big One as a means to save Detroit.

GM Vice Chairman Bob Lutz (laa-tz) told Newsweek, “It would not solve today's problems. But long-term, with growing global competition and Chinese producers flexing their muscles, there will definitely be further industry consolidation.” (Newsweek)

Investor’s Business Daily explains why a taxpayer bailout would only reward irresponsible behavior.

“The American taxpayer should not be expected to bail out the excesses and undisciplined behavior of the UAW and the Big Three that have been going on for decades. Bankruptcy and reorganization, not a taxpayer bailout, is the best long-run solution for the Big Three.” (Investor's Business Daily)

What do you think of the automaker rescue plans? Should Congress bail them out?

We invite you to share your opinions, and please check out our sources on Newsy.com.