Today's Papers: Last Chance for GM and Chrysler?

The Los Angeles Times and Wall Street Journal banner, while USA Today, the New York Times, and the Washington Post lead with, news that the Obama administration forced the head of General Motors to resign and has put both GM and Chrysler on notice that they won't get another round of federal aid unless they come up with a more aggressive restructuring plan. President Obama is set to announce today that the restructuring plans presented by GM and Chrysler earlier this year didn't go far enough to dig the companies out of their current mess, and he will give them more time, coupled with stricter conditions, to come up with more realistic plans. Administration officials emphasized they're prepared to let the companies fall into bankruptcy. The NYT declares that the decision amounts to "a level of government involvement in business perhaps not seen since the Great Depression" while the WSJ points out that it indicates the Treasury Department "intends to wade more deeply than most observers expected into the affairs of the country's largest and oldest car company." The White House will give GM 60 days to come up with a new restructuring plan, while Chrysler will have 30 days to work out an alliance agreement with Italian automaker Fiat. The government will give both companies just enough money to survive that period. If Chrysler and Fiat reach an agreement, the government would be willing to lend Chrysler another $6 billion. To continue reading, click here.