Obama Says GM, Chrysler Have Last Chance to Survive (Correct)

Obama Says GM, Chrysler Have Last Chance to Survive (Correct):

"President Barack Obama said General Motors Corp. and Chrysler LLC must survive without becoming “wards of the state” and the companies have one last, limited chance to “fundamentally restructure.”

After his administration forced GM Chief Executive Officer Rick Wagoner to resign and pressed Chrysler to form a partnership with Italy’s Fiat SpA to get more taxpayer aid, Obama today said that company creditors, shareholders, workers, dealers and suppliers will be expected to make more sacrifices.

“We cannot and must not, and we will not let our auto industry simply vanish,” the president said at the White House, announcing new and final deadlines for the No. 1 and No. 3 U.S. automakers to remake themselves. “We cannot continue to excuse poor decisions. We cannot make the survival of our auto industry dependent on an unending flow of taxpayer dollars.”"