GM Makes Massive Cuts | NBC New York

GM Makes Massive Cuts

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    NEWSLETTERS

    General Motors announced massive cutbacks today – laying off middle managers, cutting health benefits for many retirees and slashing back on truck production in an effort to get through a severe sales downturn.

    America’s No. 1 automaker also said it will need to borrow $2 billion to help cover its financial losses.

    GM and other automakers have been hammered by high gas prices and the weak economy.