President Obama said Monday his administration has “no intention” of running General Motors, even as the White House demanded the resignation of the automaker’s CEO and called for a “better business plan” before considering lending more government money to bail out the company.
The president said he was seeking “painful concessions” from GM and Chrysler, but he insisted that he does not want them to become “wards of the state.”
But he said neither company has submitted an acceptable restructuring plan, so he’s giving them additional time to come back with new proposals. Click here to read more.
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