Automotive industry hearings are once again underway this morning on Capitol Hill, as auto executives argue in favor of a $25 billion financial bailout. However, mounting political and government opposition may squelch the hopes of the “Big Three” to walk away with more than Chapter 11 applications.

The hearings began at 10:00 AM on Wednesday morning, and Rich Wagoner, CEO of General Motors is scheduled to add to his testimony from Tuesday.

“This is about much more than just Detroit," Wagoner said on Tuesday in his speech. "It's about saving the U.S. economy from a catastrophic collapse."

However, Sen. Richard Shelby (R-AL), the head Republican on the Senate Banking Committee, countered such arguments in his statement today by saying that the big three should get rid of its CEOs and restructure under Chapter 11 bankruptcy.

"The management group has to let go of all three because they've put out bad models, bad products that don't sell. There has to be a corporate reason for that."

Senator Shelby suggested that a bailout was a negative thing because "the government is choosing which companies survive."

But automotive executives continue to warn that their industry is facing imminent disaster if it does not receive substantial funding. Chrysler CEO, Robert Radelli said “We are in a very fragile situation,” in his statement on Tuesday.

The automotive companies are hoping to benefit from crisis funds that were made available to struggling financial giants like AIG and Bear Stearns just months prior.

On target to testify today are Wagoner, Robert Nardelli, head of Chrysler; Alan Mulally, CEO of Ford; Ron Gettelfinger, head of the United Auto Workers union; Annette Sykora, chairman of the National Automobile Dealers Association; James McElya, CEO of Cooper-Standard Automotive Inc; Jeffrey Sachs, professor at Columbia University, and Matthew Slaughter, professor the Tuck School of Business at Dartmouth College.

The executives are expected to reiterate the amounts they are requesting from the government, which totaled roughly $25 billion when it was announced on Tuesday. Ford has requested $8 billion, Chrysler has requested $7 billion, and General Motors has asked for a figure in the $10 to $1 billion range.