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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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