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General Motors has announced a substantial cost-cutting scheme amid fears about possible bankruptcy. In order to provide a cash boost, GM will reduce pay for salaried workers by 20 percent and eliminate health care for older white-collar retirees. Analysts generally said that the depth of the cost cuts exceeded their expectations, but that they were left with more questions than answers about how GM would adapt to consumers? rapid shift from large vehicles to smaller, more fuel-efficient cars.