Echoing statements by President Obama on Sunday, administration officials have rejected GM's and Chrysler's restructuring plans required for the automakers to receive further government assistance. The President and Treasury Secretary Timothy Geithner will make a statement at the White House about the auto plans at 11 am. Both companies are being given a short period of time — 60 days for GM and 30 days for Chrysler — to rework their viability plans.
General Motors: 60 Days to Show Results (BusinessWeek)
Obama to provide short-term aid (Detroit News)
Feds declare GM, Chrysler not viable, refuse more aid (McClatchy)
