GM Drops Tiger Woods as Spokesman

General Motors, one of the U.S. auto companies seeking a federal bailout, said Monday that its cutting loose golfer Tiger Woods as its spokesman.

A GM spokesman told the Associated Press that the move had nothing to do with the car companies' request for $25 billion in federal loans. But the company said in a statement that the halting the 9-year contract with Woods was part of GM's "search for budget efficiencies during a difficult economy."

Woods received about $7 million a year from the deal, which was set to end in 2009, according to the AP.

Democratic lawmakers have called on the Big 3 companies, GM, Ford and Chrysler, to come up with a plan by December before they consider approval of a rescue package.

To get a sense of what GM will now be missing out on, see the Buick commercial featuring Woods below.

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