Obama says GM, Chrysler must ‘stand on their own’

U.S. President Barack Obama rejected the restructuring plans from GM and Chrysler Monday and gave the automakers a short window to revise their bids if they want to receive federal bailout money.

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GM has already received US$13.4 billion in government loans while Chrysler was given US$4 billion during the economic downturn. In February, GM asked for $16.6 billion more while Chrysler sought $5 billion more. More...