U.S. President Barack Obama rejected the restructuring plans from GM and Chrysler Monday
Obama says GM, Chrysler must ‘stand on their own’
 | By News on the Net (Bio and Archives) Tuesday, March 31, 2009 | Print friendly | Subscribe | Email Us |
U.S. President Barack Obama rejected the restructuring plans from GM and Chrysler Monday and gave the automakers a short window to revise their bids if they want to receive federal bailout money.
GM has already received US$13.4 billion in government loans while Chrysler was given US$4 billion during the economic downturn.
In February, GM asked for $16.6 billion more while Chrysler sought $5 billion more.