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GM is under the gun to come up with a plan for viability by next week in order to keep its $13.4 billion in federal bail-out loan money. Recently, in an effort to move the company closer to that goal, GM announced it will cut 10,000 white collar jobs. This is in addition to the massive blue collar layoffs, plant closings, and temporary plant shut downs that have been made over the past year. 

GM offered all of its hourly workers in the U.S. buy outs in 2008. The white collar cuts just announced constitute 14% of the GM white collar work force. “The purpose is to go into the Feb. 17 submission showing we are making progress on our viability plan,” said a G.M. spokesman, Tom Wilkinson. GM was granted $9 billion in December of 2008 and is eligible for $4 billion more if it can prove to Congress it can become profitable in the coming year.