The White House, reacting to poor plans for bailout funds and insufficient progress, has rejected GM's and Chrysler's requests for more money. It has also pressured GM CEO Rick Wagoner into stepping down from his post. The administration has given Chrysler 30 days to complete a potential partnership with Fiat, and GM 60 days to restructure. Should either fail to show significant improvement, the administration will withdraw funding.
Source: MSNBC
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