Obama Withholds Bailout Funds For Automakers
WASHINGTON — The White House says neither General Motors nor Chrysler submitted acceptable plans to receive more bailout money.
Administration officials say that President Barack Obama and his top advisers have determined neither company’s recovery plan is viable and that Washington will not spend billions more to keep the pair open. In a last-ditch effort, the administration gave each company a brief deadline to try one last time.
The officials spoke on the condition of anonymity to freely discuss administration decisions. Obama plans to make the announcement Monday morning.
Obama is giving Chrysler 30 days to finish its partnership with Italian automaker Fiat. If that doesn’t work out, Washington plans to abandon efforts to bail out the company.
GM got 60 days to restructure.