Big Three bailout requests hit $34 billion

Every major automaker reported a year-over-year sales decline of more than 30 percent when they released their results Tuesday. The Detroit automakers were among the worst hit, with GM's U.S. sales falling 41 percent and Chrysler LLC's dropping 47 percent.

Their overseas rivals posted abysmal results as well. Toyota's sales tumbled 34 percent, while Nissan's dropped 42 percent and Honda's fell 32 percent.

The dreary reports came the same day the Detroit Three sent reports to Congress detailing why they are worthy of billions of dollars in emergency loans.

Democratic leaders have said they might call Congress back next week to pass an auto bailout — but only if the carmakers' blueprints show the carmakers have reasonable plans to stay viable with the help.

Making no commitments, House Speaker Nancy Pelosi, D-Calif., said Tuesday, "We want to see a commitment to the future. We want to see a restructuring of their approach, that they have a new business model, a new business plan." She said, "it is my hope that we would" pass legislation to help the industry.

Senate Majority Leader Harry Reid, D-Nev., said he would try to jump-start debate Monday on an auto bailout measure. "We have to make sure we do everything we can to take care of the auto industry," he said. "I hope we can do something."

Nervous investors sent the Dow Jones industrials bouncing up and down all day, though they finished up 270 points, partly making up for Monday's plunge of nearly 680.

All three companies' plans envision the government getting a stake in the auto companies that would allow taxpayers to share in future gains if they recover.

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Contributing: Dan Strumpf and Bree Fowler, Associated Press.