WKYT | Lexington, Kentucky | News

Obama Plans to Announce Government Backing for GM, Chrysler Warranties

WASHINGTON (AP) - GM and Chrysler are getting a little more time
-- but not much.
The White House says the automakers haven't come up with viable
plans that show they're deserving of billions more federal bailout
Senior administration officials say that in a last-ditch effort,
the administration gave each company a brief deadline to try one
last time to convince Washington it is worth saving. Chrysler has
30 days to work out an alliance with Italian automaker Fiat, while
GM has been given 60 days to restructure.
President Barack Obama will announce details this morning at the
White House.
In an effort to bolster consumer confidence, Obama plans to
announce government backing of warranties for GM and Chrysler
vehicles. An administration official says there is no price tag yet
associated with that promise.

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