QUOTEBOX: Auto execs, lawmakers sound off on bailout idea

(Reuters) - Following are comments by top executives with General Motors Corp, Ford Motor Co and Chrysler LLC, and by U.S. lawmakers about the industry's pleas for federal assistance:

Robert Nardelli, chief executive of Chrysler:

"Without immediate bridge financing support, Chrysler's liquidity could fall below the level necessary to sustain operations in the ordinary course."

"We are willing to provide full financial transparency, and welcome the government as a stakeholder -- including as an equity holder."

"The overall amount and cost of financing the restructuring will be significantly higher in a Chapter 11 process than the working capital bridge we are requesting here today."

"I think the systemic risk would be dramatic across the entire economy," Nardelli said when asked what impact a bankruptcy filing would have on the U.S. economy. "The lenders, the financial institutions would be at total risk relative to being able to recover their investments in this industry .... There would be tremendous impact on the financial institutions."

Alan Mulally, Ford Motor Co chief executive:

"I think the most significant risk would be what would happen to economic development, the GDP growth," Mulally said, when asked by a lawmaker about the impact of an automaker's bankruptcy.

Rick Wagoner, General Motors chief executive:

"It's about saving the U.S. economy from a catastrophic collapse.

"Our industry, which represents America's real economy, needs a bridge to span the financial chasm that has opened before us.

"We'll use this bridge to pay for essential operations, new vehicles and powertrains, parts from our suppliers, wages and benefits for our workers and retirees, and taxes for state and local governments that help deliver essential services to million of Americans.

"In the process, we'll continue to reinvent the automobile, and improve the nation's energy security, through development of advanced technologies like those in the Chevy Volt.

Sen. Lindsey Graham, South Carolina Republican:

"Detroit's basic problem is that they created a business model that doesn't have a snowball's chance in Hell of surviving in a global economy.

"They are going to have to either just consolidate or go into bankruptcy and come out of bankruptcy under Chapter 11 with a business plan with a chance of surviving.

"At the end of the day, you have to build cars people want to buy," Graham said. "They have a product problem and a business plan problem."

Sen. Carl Levin, Michigan Democrat:

"We need to get this done one way or another," Levin told reporters, referring to bridge loans for the automakers. "So if we don't get it done now, as far as I'm concerned, get it done next week. If we can't get it done next week, get it done the week after."

"Other industrialized nations will support their domestic auto industries through this recession. The United States cannot afford to stand idly by and let the largest segment of our manufacturing and industrial base collapse, sending millions of jobs overseas."

"The European auto industry alone is seeking $52 billion in loans. The German government owns a chunk of VW. There is no doubt that the Japanese, Korean and Chinese governments will not allow their auto industries to collapse."

Sen. Jim Bunning, Kentucky Republican:

"The proposal coming before the Senate tomorrow is not a serious one," Bunning said, referring to a Democratic plan to give $25 billion to U.S. automakers.

Sen. Sherrod Brown, Ohio Democrat:

"We have it exactly backwards if we help those who don't need it and we ignore those who do," Brown said, referring to American banks that have received billions of dollars in capital injections from the federal government.

Sen. Robert Bennett, Utah Republican:

"I am in favor of trying to find a way to provide them some cash that will allow them to continue .... I believe we have to do something to see to it that they survive."

Sen. Ben Nelson, Nebraska Democrat

"President-elect Obama is right. All the parties have to be at the table. There has to be give and take," Nelson said, referring to the process needed for Congress to reach a deal on helping U.S. automakers.

Nelson declined to comment on Reid's bill, saying his staff was still reviewing it.

(Editing by Richard Chang)