Politics & Government

March 29, 2009

Feds declare GM, Chrysler not viable, refuse more aid

President Obama will announce the stunning development Monday morning, saying the restructuring proposals the two car manufacturers submitted didn't go far enough to ensure their ongoing viability. The government also offered a bleak assessment of the two companies' product line and suggested the much-vaunted Chevy Volt will have a difficult time becoming commercially viable. GM will get 60 days of government support to give it time to come up with a new plan, while Chrysler will get 30 days of support in hopes it will complete a merger agreement with Fiat.

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