Obama denies bailout funds for automakers
White House says neither GM nor Chrysler submitted acceptable plans
updated 12:34 a.m. ET, Mon., March. 30, 2009
WASHINGTON - The White House says neither GM nor Chrysler submitted acceptable plans to receive more bailout money, setting the stage for a crisis in Detroit and putting in motion what could be the final two months of two American auto giants.
President Barack Obama and his top advisers have determined that neither company is viable and that taxpayers will not spend untold billions more to keep the pair of automakers open forever.