| President Obama has given two ailing American motor corporations tight deadlines to safeguard their future. He said General Motors must come up with new restructuring measures in 60 days and Chrysler must finalize a partnership with Italian Fiat company in 30. Mr Obama said the plans already submitted by General Motors and Chrysler didn't warrant another bailout. | |
| "GM has made a good faith effort to restructure over the past several months, but the plan that they put forward is in its current form not strong enough. However, after a broad consultation with a range of industry experts and financial advisers, I am absolutely confident that GM can rise again, providing that it undergoes a fundamental restructure." |
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