Politics | Barack Obama Obama: No Auto Bailout Without More Concessions By Kevin Spak Posted Mar 30, 2009 11:18 AM CDT Copied President Barack Obama, accompanied by Cabinet members, and others, speaks on the auto industry, Monday, March 30, 2009, in the Grand Foyer of the White House in Washington. (AP Photo/Ron Edmonds) GM and Chrysler got tough love from Barack Obama today, with the president declaring that they haven't made substantial enough changes to justify another federal bailout, and decrying the “failure of leadership” to come up with viable restructuring plans. Obama said the companies would have to regroup radically to survive on their own, not as “wards of the state.” GM will get 60 days worth of federal financing, and Chrysler 30; if they don't have a credible plan in place by then, the government may make them restructure through bankruptcy. “We cannot continue to excuse poor decisions,” Obama said, after forcing out GM CEO Rick Wagoner and most of the GM board. “And we cannot make the survival of our auto industry dependent on an unending flow of tax dollars.” Obama reiterated that he is committed to the industry’s survival—but on terms that will allow it to compete internationally. The government will guarantee warranties on GM and Chrysler cars, to give consumers confidence in the restructuring giants. Read These Next US deports more than 100 Iranians. Tossed beers, hostile fans take the spotlight at Ryder Cup. North Carolina shooting suspect once walked the red carpet. Skydivers leap from plane 2 minutes before fatal crash. Report an error