Obama gives auto makers strict deadlines
Published:Monday | March 30, 2009 | 5:55 PM
US President Barack Obama has given American carmakers General Motors and Chrysler strict deadlines to restructure before getting more bail out money.
General Motors will be given 60 days and Chrysler 30 days to submit new plans for recovery.
Mr. Obama is adamant that bankruptcy protection could speed up the restructuring process of the sector.
He says this could make it easier for the firms to quickly clear away their old debts so they can get back on their feet and onto a path of success.
The president says he would work with Congress on a programme to encourage consumers to replace old, less fuel-efficient cars with newer, cleaner vehicles.