President Barack Obama Issues Restructuring Deadlines to GM and Chrysler

President Barack Obama has declared that if U.S. automakers GM and Chrysler want to receive more government aid they will need to submit restructuring plans for a viable recovery and do so in a timely manner.

Obama blamed a “failure of leadership, from Washington to Detroit” for the current crisis facing the automobile industry and stated there needed to be a new direction for the recovery to be a success.

For General Motors that new direction will need to be outlined within 60 days while Chrysler was granted just 30 days to submit their plans for recovery.

Obama was not impressed with restructuring plans earlier submitted by the car manufacturers saying, “After careful analysis, we have determined that neither goes far enough to warrant the substantial new investments that these companies are requesting.”

The two auto giants are seeking more than $20 billion in aid, Chrysler is asking for $5 billion while GM wants $16.6 billion, but they have both been criticized for their being “far too slow” in their current restructuring efforts. They have already received a total of $17.4 billion in bail-outs.

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