The U.S. “Big Three” of General Motors Corp. (GM), Ford Motor Co. (F), and Chrysler Corp. submitted their turnaround plans to Congress yesterday (Tuesday), hoping for approval of a massive loan package they say is central to their survival.

And while the plans include such politically palatable moves as salary cuts for top-tier executives, the sale of cushy corporate jets and the elimination of moribund brands, the three embattled U.S. automakers are also now seeking government aid of as much as $34 billion – which is as much as $9 billion more than the $25 billion figure that’s been on the table from the very beginning of the industry’s bid for bailout money.

Here’s the breakdown:

• General Motors, the largest domestic automaker, said late yesterday that it is seeking as much as $18 billion to survive into 2010 – and that it needs $4 billion of that cash just this month in order to dodge a bankruptcy filing. GM is seeking a loan of $12 billion. It’s also requesting an additional $6 billion line of credit to provide more cushion, should the severe current market downturn persist.
• Ford is asking for $9 billion. The Dearborn, Mich.-based carmaker hopes it won’t need to utilize the federal loans, and that it just wants to have access to the capital as a backstop. Ford is aiming to return to profitability by 2011.
• Chrysler confirmed its previous request for a $7 billion loan that its executives detailed during Congressional hearings two weeks ago. But it now says that it needs the loans by the end of the year if it’s to survive, because its projected year-end cash reserves of $2.5 billion won’t come close to covering its projected major first-quarter expenses of $11.6 billion, Dow Jones Newswires reported. The loans – coupled with Chrysler’s ongoing restructuring efforts – would keep that carmaker operating through the end of March. But it will need to access the capital before the end of this year.

The plans were submitted on the same day that the auto industry reported the worst U.S. sales in 25 years. Both U.S. and top overseas automakers all reported sales declines of more than 30% from year-ago sales, increasing the level of urgency for the embattled Big Three, CNNMoney.com reported yesterday.

“This is part of an urgent request for federal funding to create ‘a new GM’ - a lean and fully competitive company,” GM Chief Executive Officer Richard Wagoner said during a conference call with journalists. “Taking these tough actions will help us weather the current economic stresses, and will position the new GM to be profitable.”

U.S. Sen. Carl Levin, D-Mich., a strong advocate of the bailout, said he is confident Congress will return next week to approve a loan package. He said he’s not concerned about the higher price tag being requested, stating that lawmakers wanted an honest accounting of how much might be needed in a worst-case scenario.

Speaking at a press conference late yesterday, House Speaker Nancy Pelosi, D-Calif., told listeners that it was imperative that the Big Three get the federal rescue money immediately.

“Bankruptcy is not an option,” Pelosi said. “Everyone is disadvantaged by bankruptcy. It takes too long. What takes a year we can do in a few weeks … I don’t think anyone wants to see bankruptcy.”

Despite those concerns, Pelosi would not commit to having Congress pass a Big Three bailout when it returns next week. But if Congress doesn’t return, Pelosi urged the U.S. Treasury Department to use money available under the previous $700 billion Wall Street bailout to tide the automakers over until early next year.

It’s not clear if the Treasury Department would agree to this, since the Bush Administration does support the concept of aid for the U.S. auto sector, but opposes using the $700 billion Troubled Assets Relief Program (TARP) to money to help them.

To help persuade lawmakers to approve the bailout money, the carmakers proposed a wide range of changes. Among the highlights:

• Executive salary cuts: Ford announced that the salary of Ford CEO Alan Mulally would be cut to $1 a year if the firm actually borrowed money from the government. General Motors said that Wagoner, the CEO, also will accept a $1 salary. Chrysler’s Robert “Bob” Nardelli is already being paid only $1 a year, according to the Chrysler plan.