As if things weren’t bad enough for General Motors after this week’s news from Obama that the administration did not find their restructuring plan viable, the automaker has now told the president’s auto task force that they have increased their projected losses for 2009 by more than a billion dollars:
 

In a report sent to the U.S. Treasury Department yesterday, General Motors adjusts its planned losses before interest and taxes to deteriorate by an additional $1.1 billion this year compared with a forecast released Feb. 17.

But GM forecasts that cash burn will improve by $700 million this year.

“We’re basing business on a potential loss,” said Renee Rashid-Merem, a GM spokeswoman. She said that while the good news is that GM’s cash burn will improve, 2009 “still represents the recession and our restructuring. Looking beyond 2009, we’re planning for some recovering for the industry and for GM.”

In the progress report, GM said 2009 adjusted earnings before interest and taxes, or EBIT, would show a loss of $6.3 billion, compared with its Feb. 17 forecast loss of $5.2 billion. GM’s 2008 EBIT was a loss of $8.1 billion. The adjusted figure, which removes any special charges, is designed to reflect operating performance.

The company expects to burn through $7.5 billion in cash in 2009, which is why they are in such desperate need for more government bailout money.