(AP) -- President Barack Obama is rejecting the turnaround plans from General Motors Corp. and Chrysler and setting tough, new deadlines for the two automakers to develop new restructuring plans.
In a White House speech, Obama said the companies - and the auto industry - must stand on their own, not as "wards of the state" supported by tax dollars.
GM is getting 60 days worth of financing to restructure, while Chrysler is getting up to $6 billion and 30 days to complete a dealwith Italian automaker Fiat. The Obama administration also replaced GM's CEO Rick Wagoner with the company's chief operating officer, Fritz Henderson.
If the companies fall short, Obama raised the specter of using bankruptcy laws to force their restructuring.
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