President Obama on auto industry - Spokane, North Idaho News & Weather KHQ.com

President Obama on auto industry

WASHINGTON, D.C.- President Barack Obama and his top advisers have determined that neither GM nor Chrysler are viable and that taxpayers will not spend untold billions more to keep the pair of automakers open forever.

The President is expected to announce new details on a restructured auto plan this morning. That announcement will be streaming live on KHQ.com starting 8 a.m. this morning. Look for details on KHQ Local News at 5 and 6.

The White House says neither auto giant submitted acceptable plans to receive more bailout money.

Senior administration officials say that in a last-ditch effort, the administration gave each company a brief deadline to try one last time to convince Washington it is worth saving.

Chrysler has 30 days to work out an alliance with Italian automaker Fiat, while GM has been given 60 days to restructure.

In a related story, General Motors Chairman and CEO Rick Wagoner is out of his job at the request of the White House.

Come August and the annual meeting, new directors will make up the majority of GM's board in a major management shake-up.

The Obama administration is giving the automakers one last chance to convince Washington they deserve bailout money.

Auto industry analysts credit Wagoner with doing more to restructure the giant automaker than any other executive.

GM cannot make severance payments to Wagoner or other senior executives under the terms of its government loans.

It said in its annual report last month that Wagoner is eligible to retire under GM's salaried employee and executive retirement plans, but the amount he would receive is unclear.
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