GM Makes Massive Cuts - NBC New York

GM Makes Massive Cuts



    GM Makes Massive Cuts

    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.